(Regina Mitchell)
The applicaiton window is now open for for oung Delaware companies in need of funding to help expand their business under the Encouraging Development, Growth and Expansion (EDGE) grant from the Delaware Division of Small Business. The division will be accepting EDGE grant applications between now and March 31 from promising early-stage businesses in Delaware.
Businesses that are less than seven years old and have no more than 10 employees are eligible to apply for an grant. In previous rounds, businesses were required to be under five years old, but DSB chose to expand this requirement to provide more small businesses with the opportunity to apply for funding.
“We know that it may take a few years for some small businesses to get off the ground, especially the businesses in our STEM category,” said DSB Director Regina Mitchell. “By expanding the number of years that eligible EDGE grant applicants have been in business, we are hopeful that even more Delaware start-up companies will be able to take advantage of the opportunity to apply.”
EDGE grants are awarded through a competitive selection process. Five STEM-based companies can receive up to $100,000 for eligible expenses while five Entrepreneur Class (non-STEM) businesses can receive up to $50,000.
EDGE is a matching grant program. DSB matches a winning business’s investment on a 3-to-1 basis. The business can spend grant funds on expenses that help improve the company’s long-term chances of success, such as a marketing campaign to help acquire more customers or purchasing a needed piece of equipment that can increase production capacity.
Applications for the competition round will be accepted until March 31 at 5 p.m. Finalists will pitch their grant proposals to a panel of expert judges. Winners will be announced in the summer.
“Delaware entrepreneurs are passion-driven individuals ready to either start or grow their small business,” said Secretary of State Jeff Bullock. “Our role is to encourage and support them by providing significant capital through the EDGE grants program so that they reach their highest potential.”
Since EDGE launched in 2019, $4.3 million has been awarded to 70 promising Delaware small businesses in industries ranging from renewable energy technology to fitness centers to restaurants. This will be the seventh round of the program since its launch.