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Sunday, January 26, 2014

High-Tech Small Businesses in Kentucky Awarded $6 Million In State Funding

Kentucky Cabinet for Economic Development
The state of Kentucky wants to attract more high-tech companies to their area, and they are prepared with $6 million in state funding. Recently, 26 high-tech companies in Kentucky companies were awarded funding to support small businesses starting or relocating to the state.

The state program matches all or part of federally-funded SBIR-STTR awards given to Kentucky-based companies. This means even more money for small businesses in the technology field. Even companies outside the state will receive the matching funds if they are willing to relocate to Kentucky.

The program began in 2006 and since then has supported 90 companies with nearly $43 million in state funding. The reason for the state support is clear. These businesses create jobs and boost the economy in Kentucky. So, many companies as far away as Oregon view it as a welcome opportunity to take advantage of grant money.

The grants are awarded in two phases. Phase I is the concept phase with grants up to $150,000. Phase II is full-scale research and development with funding up to $500,000 per year for two years, the only one of its kind in any state.

For more information, visit thinkkentucky.com/dci/sbir/sbirsttr.aspx
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