If your municipality is looking to build its economy with tech-based companies, you may be eligible for grant funding from the U.S. Economic Development Administration.
The U.S. EDA announced this week that it is accepting applications for the Build to Scale program, a $38 million funding opportunity that fuels tech-based economic development in regional economies.
The Notice of Funding Opportunity opened Wednesday. The deadline to apply is April 29.
The Build to Scale program is comprised of two competitions: the Venture Challenge and the Capital Challenge.
The Venture Challenge seeks to support high-growth entrepreneurship, accelerate company growth in the applicant’s region, and scale proven entrepreneurship support models. The Venture Challenge grants have two funding levels — up to $750,000 to build programs and up to $1.5 million to scale programs.
The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, angel capital networks or investor training programs. The Capital Challenge offers grants up to $400,000.
Eligibility is open to cities, counties, states, other political subdivisions of states and Indian tribes; or entities supported by a state or political subdivision of a state that is one of the following: a nonprofit institution of higher education, public-private partnership, research park, federal lab, venture development organization, an economic development organization or a consortium of the aforementioned.
EDA’s Office of Innovation and Entrepreneurship administers the Build to Scale program, which is authorized under Section 27 of the Stevenson-Wydler Technology Act.