Innovate Alabama Offers Fourth Round of Grants Up to $250,000 for Small Businesses!
Innovate Alabama, a program created by Governor Kay Ivey in 2020 to support small businesses and boost the state's economy, has opened its fourth round of supplemental grant applications. The program offers grants of up to $250,000 to small businesses that have already received federal funding through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grants.
Since its launch, Innovate Alabama has provided nearly $10 million in grants to small businesses throughout the state, helping them stay afloat and create new technology with global impact potential. The grant money aims to fill the funding gap often referred to as "The Valley of Death" for small businesses that are not yet established enough to attract significant investment.
Michael Chambers, a representative of Innovate Alabama, told WAFF 48 News that the application process is straightforward, with businesses primarily needing to explain how they would use the grant money. The program has already seen numerous success stories, with 14 out of 19 grant recipients last year being located in Huntsville, also known as the Rocket City.
For this year's grant cycle, Innovate Alabama has set a goal to attract out-of-state businesses in addition to retaining current ones. The program seeks to support businesses creating breakthrough technology that enhances Alabama's competitiveness in the U.S. If an out-of-state business receives a grant, they have 12 months to relocate to Alabama.
The Innovate Alabama supplemental grant program presents a significant opportunity for small businesses in the state to secure funding, grow their operations, and contribute to the state's economic development.
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