Build To Scale Funding Program Can Support Tech Small Businesses

The U.S. Economic Development Administration (EDA) recently announced that it is accepting applications for Fiscal Year 2024 for its  Build to Scale program, which will provide $50 million in grants for entrepreneurs who are building technology-driven businesses. In addition, new changes to the program are intended to increase flexibility for projects and improve the application process.

For Main Streets across the country to thrive, it is critical that entrepreneurs in communities are able to keep pace with innovations and be part of the current business ecosystem. The Build to Scale program drives inclusive and equitable access to capital for technology-based companies to not be confined to the East and West Coasts and flourish across the country. Not only does it make the economy more equitable, it also promotes high-skilled job creation alongside innovative products and services to help lower barriers for underserved regions.

The Build to Scale program seeks to meet this need by generating critical support for regional commercialization, access to capital, and the formation of competitive innovation economies across the country. It offers winners award amounts ranging from hundreds of thousands of dollars to a maximum of $5 million to support programmatic and operational costs related to growing regional technological advancement initiatives.

This is intended to create stronger pathways for underdeveloped regions to craft tech-based economies that are up to speed with global and regional markets. According to the EDA’s recently released Notice of Funding Opportunity (NOFO), the program shortens the gap between idea formation and marketable technology by unlocking investment capital across sectors and accelerating growth for its recipients.

The program calls for applicants that are committed to “challenging the status quo of established markets or commercializing technologies, as well as furthering job creation within their businesses,” with a specific focus on projects that directly address traditionally underserved regions and communities with histories of systemic economic suppression. This year’s changes eliminate the former dual competitions, Venture Challenge and Capital Challenge, consolidating both into a single “Implementation Challenge.” Eligible applicants include state and local governments, Indian tribes, and entities whose application is supported by a state or local government, such as a nonprofit, university, or public-private partnership.

If you are looking to increase the growth of technology driven businesses in your community, this could be a good fit for you. More information can be found at the EDA’s Build to Scale program center. Applicants have until 4:59 PM ET, Time on October 28, 2024, to apply.