Innovate Alabama was created by Governor Kay Ivey back in 2020 to keep small businesses open and boost the state’s economy. They have now opened their fourth round of grant applications.
Since its launch, Innovate Alabama has provided almost $10 million in grants to small businesses around the state. The grant money has allowed small businesses to stay afloat and create new technology that could make a global impact.
Michael Chambers with Innovate Alabama told WAFF 48 News that the grants are available to small businesses that have already received federal funding. If you have received a Small Business Innovation Research grant (SBIR) or a Small Business Technology Transfer grant (STTR), you are qualified to apply for the Innovate Alabama supplemental grant program.
As for the rest of the application, Chambers said they just want to know what the businesses would do with the grant money.
“It’s designed to meet the needs of small business and fill the gap of what people call ‘The Valley of Death’ for small businesses,” Chambers said. “You’re just not far enough along to attract investment and these supplemental awards try to fill that gap and support small business.”
Chambers added that since their launch in 2020, they have seen numerous success stories. Many of them are right here in the Rocket City. Out of the 19 grant recipients last year, 14 of them were located in Huntsville.
But now, leaders with Innovate Alabama have set a goal to attract out-of-state businesses with this year’s grant money. Chambers said not only do they wish to retain current businesses, they also want to attract new ones that are creating breakthrough technology that continues to make our state a competitive force in the U.S.
“Some of the PR is going out beyond the borders of Alabama because not only do we want to support small businesses in Alabama, we also want to attract businesses outside of the state to come in and stay in Alabama,” Chambers said. “We may have more out-of-state applicants than we’ve had in the past.”
If an out-of-state business does receive a grant, they have 12 months to relocate to Alabama.
Applications for the fourth round of grants closes on Feb. 16th at 5 P.M.