Young businesses can now apply for state EDGE grants

47
Advertisement

Young Delaware companies in need of funding to help expand their business can apply to compete for an Encouraging Development, Growth and Expansion (EDGE) grant from the Division of Small Business.

The division will be accepting EDGE grant applications through September 30 from promising early-stage businesses throughout Delaware.

Businesses that are less than five years old and employ no more than 10 employees are eligible to apply for an EDGE Grant. The grants are awarded through a competitive selection process. Five STEM-based companies can receive up to $100,000 for eligible expenses while five Entrepreneur Class (non-STEM) businesses can receive up to $50,000.

Advertisement

EDGE is a matching grant program. The Division of Small Business matches a winning business’s investment on a 3-to-1 basis. The business can spend EDGE grant funds on expenses that help improve the company’s long-term chances of success, such as a marketing campaign to help acquire more customers or purchasing a needed piece of equipment that can increase production capacity.

Applications for the competition round will be accepted through September 30 at 4:30 p.m. Businesses can visit the Division of Small Business website for eligibility requirements and download the grant application.

“The EDGE Grant program has been very popular with Delaware small business owners because these grants have helped promising small companies in a variety of industries reach the next level and compete with larger companies,” Division of Small Business Acting Director Regina Mitchell said. “I encourage eligible small business owners interested in the program to reach out today to one of our Regional Business Managers for help with the application process.”

One of the businesses that previously received funding is HARTLON. The company developed a bioresorbable vascular stent that is designed to eliminate pain, non-healing sores, and risk of limb amputation caused by poor blood flow below-the-knee. HARTLON was awarded a $100,000 STEM EDGE grant in the last round of funding. The company is using its grant for setting up a MedTech Scientific Advisory Board (SAB), laboratory space, manufacturing services, and demonstration of performance with a preclinical study.

Since EDGE launched in 2019, $3.75 million has been awarded to 60 Delaware small businesses in industries ranging from renewable energy technology to fitness centers to restaurants. This will be the sixth round of the program since its launch. Finalists in this round will pitch their grant proposals to a panel of expert judges with winners announced in the winter.

Advertisement
Advertisement