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Saturday, July 25, 2015

Kentucky Small Businesses Receive $1.5 Million In State Funding

Kentucky Small Businesses Receive $1.5 Million In State Funding
The state of Kentucky wants small businesses to know just how important technology is to them. Technology-based businesses who want to relocate to Kentucky, or businesses starting up in Kentucky, may be eligible for some of the $1.5 million the state is offering to small companies whose business is technology.

The funding is made possible by the state’s competitive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds program. This means the state matches all or part of the federal funds, and they have been successful in matching funds since 2006.

Eligibility

Some of the companies who recently received program funding have developed technology for education and learning, pharmaceuticals, drug testing, health, and other technology-based initiatives. All of the technologies in some way improves the lives of people.

When to apply

Applications are taken four times a year from eligible small businesses. Phase I grants award up to $150,000 for one year and Phase II grants award up to $500,000 annually for two years. Kentucky is the only state that matches Phase II awards at this level. Since 2006, Kentucky’s SBIR/STTR program has awarded more than $53 million to 107 local companies, and the companies have received an additional $94 million in federal funding.

To learn more about the grant program, visit www.lanereport.com/50970/2015/07/five-kentucky-high-tech-small-businesses-awarded-1-5m-in-state-funding/
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