(The Center Square) – Federal funding for small businesses in Alabama is now available.
Republican Gov. Kay Ivey announced the launch of the Small Business Grant Program, administered by the Alabama Innovation Corporation, is accepting applications for Phase I and Phase II Federal Small Business Innovation Research and Small Business Technology Transfer grants. Businesses can apply for up to $250,000.
“The Innovate Alabama Supplemental Grant Program is the latest way our state is creating an attractive business environment for pioneering ideas that will change our world,” Ivey said in a release. “Alabamians have the grit, determination and creativity to make these ideas a reality, and with Innovate Alabama’s supplemental funding, these small businesses will take their ideas from concept to commercialization.”
The Innovative Alabama Supplemental Grant Program, according to the release, is now accepting grant applications. Funding is designed to help grow and sustain the state’s economy by stimulating research and commercialization, developing exportable products and services while creating and retaining high-paying jobs in various skilled jobs.
Alabama is one of 20 states, according to a 2021 report from the U.S. Small Business Administration, with a supplemental grant program for both phases of the program.
“Accessible capital is routinely among the greatest needs of our state’s entrepreneurs,” Bill Poole said in the release. He’s the Alabama director of Finance and Alabama Innovation Corporation chairman. “Innovate Alabama wants to bridge connections and resources like this grant program to support these innovative small businesses generating transformative research and technology.”
To be eligible for either phase of the grant program, applicants must already have a grant in the program in process. Phase I will allow recipients to apply for up to 50% of the award up to $100,000, according to the release. Phase II recipient can apply for 50% of the award up to $250,000. Companies are able to accept the grants without giving up part of their company shares.
The application deadline, according to the release, closes at 5 p.m. Aug. 1. Winners will be notified beginning Aug. 22.
