How would you like to quadruple your existing business capital, without loans or giving up equity?
It sounds like the opener for a late-night infomercial, but that’s what the Delaware Division of Small Businesses is offering with the EDGE (Encouraging Development, Growth & Expansion) Grant, which is currently accepting applications through June 14.
Basically, it works like this: The state will match $3 for per $1 (including non-government grant funding) spent by small businesses that do a minimum of 51% of their business in Delaware, up to $50,000 for non-STEM entrepreneurs and $100,000 for STEM startups. Ten grants may be awarded per application round.
Funds will be matched for various growth necessities, including advertising, marketing analysis, construction/renovation, equipment, web design, lab space and rent.
Should you apply? There are a few things that will disqualify you out of the gate: Aside from the Delaware requirement, businesses can’t be older than five years old and can’t have more than 10 full-time employees (or 20 part-time employees). You also can’t be a recipient of the Strat Fund Grant.
If this all sounds like a fit, you should consider applying:
- You can establish that you have a business need for the funding in order to make your startup more sustainable.
- Your business is, or will be, located in an Opportunity Zone or Downtown Development District.
- You or members of your founding team have MWVBE (Minority, Women, Veteran Business Enterprise) status.
- Your startup has the potential to create jobs in Delaware.
- Your business has the potential to give Delaware a competitive advantage.