Innovate Alabama Awards Nearly $4 Million to 22 Small Businesses in Fourth Round of Supplemental Grant Program
Innovate Alabama Awards Nearly $4 Million to 22 Small Businesses in Fourth Round of Supplemental Grant Program
Innovate Alabama has recently announced the recipients for the fourth round of its Supplemental Grant Program, awarding a total of nearly $4 million to 22 small businesses. This marks the largest class of grant recipients to date, with 17 of the 22 businesses currently based in Alabama.
The average grant amount received by the Alabama-based businesses was over $175,000. However, in a new development for the program, five businesses from outside the state will be relocating their headquarters to Alabama as part of the funding requirements. These businesses, hailing from Delaware, Florida, Illinois, and Wyoming, have a 12-month window to make the move.
Innovate Alabama CEO Cynthia Crutchfield expressed pride in the program’s ability to support both local businesses and attract new ones to the state. She stated, “With this new round of funding, we are proud to continue providing opportunities to our homegrown businesses while also recruiting new businesses to the state.”
The Supplemental Grant Program is a key initiative of Innovate Alabama, the state’s first public-private partnership dedicated to entrepreneurship, technology, and innovation. Since August 2022, the program has awarded over $13 million in total to 68 grant awardees.
According to Innovate Alabama, the grants play a crucial role in supporting Alabama entrepreneurs and fostering economic growth. By providing resources for companies with innovative technologies or research, the program aims to stimulate job creation, community advancement, and workforce development in the state.
The success of the Supplemental Grant Program has positioned Alabama as an attractive destination for business expansion and development, sending a strong message to entrepreneurs nationwide.
For more news and updates on Alabama’s business and innovation scene, subscribe to Yellowhammer News today.
