By MOLLEE BRELAND, Alabama Daily News
MONTGOMERY, Ala. – Gov. Kay Ivey this week announced that the Alabama Innovation Corporation’s small business grant applications are now open.
The program works in conjunction with the Federal Small Business Innovation Research and Small Business Technology Transfer grant programs. Phase I recipients of those grants are allowed to apply for 50% of their award up to $100,000. Phase II recipients are allowed to apply for 505 of their award up to $250,000.
According to the Governor’s office, the program is non-dilutive, meaning businesses receive the money without giving away ownership or equity.
“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 statement. “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.”
Innovate Alabama is a statewide public private partnership created to encourage collaboration across sectors to advance industries, drive technology while facilitating an environment where innovation and entrepreneurship will flourish into a 21st century world.
Alabama is now one of 20 states that have executed supplemental grants for businesses that have an active Phase I or Phase II SBIR or STTR grant. Alabama-based grantees of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are permitted up to $250,000 in funds.
According to Ivey’s office, applications for the first round of funding opened July 1. Winners of the first round will be notified starting Aug. 22, but applicants are encouraged to apply before 5:00 p.m. on Aug, 1.
To get more information or apply for funding, visit innovatealabama.org/programs.