Saturday, July 25, 2015
Kentucky Small Businesses Receive $1.5 Million In State Funding
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.
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/