Construction programs tailored to scale
Provided by: Department of Economic Development
The U.S. Economic Development Administration (EDA) recently announced that it is accepting applications for fiscal year 2024 for its Build to Scale program, which provides $50 million in grants to entrepreneurs building technology-driven businesses. Additionally, new changes to the program aim to increase project flexibility and improve the application process.
For Main Streets across the country to thrive, it’s important that entrepreneurs in their communities keep up with innovation and become part of today’s business ecosystem. The Build to Scale program promotes inclusive and equitable access to capital so that technology-based companies can thrive across the country, not just the East and West Coasts. It not only makes the economy more fair, but also fosters the creation of high-skilled jobs, along with innovative products and services, and helps lower barriers in underserved areas.
The Build to Scale program seeks to address this need by creating critical support for regional commercialization, access to capital, and the creation of a nationally competitive innovation economy. Winners will receive awards ranging from hundreds of thousands of dollars up to $5 million to support programmatic and operational costs associated with growing regional technology advancement initiatives.
It aims to create a stronger pathway for underdeveloped regions to build technology-based economies that can serve global and regional markets. According to the EDA’s recently released Notice of Financing Opportunities (NOFO), the program will unlock investment capital across sectors and accelerate growth for recipients, thereby linking idea generation and marketable technologies. narrow the gap between
The program seeks applicants who are keen to “challenge the established market status quo, commercialize technology or drive job creation within the business,” particularly in traditionally underserved areas. We focus on projects that directly address underserved communities and communities with a history of systemic disaster. economic repression. This year’s changes will eliminate the previous two contests, Venture Challenge and Capital Challenge, and combine both into one “Implementation Challenge.” Eligible applicants include entities whose applications are supported by state or local governments, such as state and local governments, Indian tribes, nonprofit organizations, universities, and public-private partnerships.
If you’re looking to foster technology-driven business growth within your community, this could be perfect for you. For more information, visit EDA’s Build to Scale Program Center. Applicants must apply by 4:59 PM ET on October 28, 2024.
