Sixteen N.C. Firms Receive Nearly $700,000 in First Round of New State Grants

 

RALEIGH, N.C., courtesy of Local Tech Wire - Sixteen emerging companies in North Carolina, including 12 from in and around the Research Triangle, are the first recipients of grants from the State of North Carolina's new innovation grant program.

The companies all had already received government funds in order to receive a match from the state as inaugurated under the One North Carolina Small Business Fund. Many of the grants are for military related research.

Governor Mike Easley announced the grants, which total almost $700,000, on Monday. Under the first year of the program as approved by the state's General Assembly, $1 million in grants was available.

This year, on the Governor's recommendation the General Assembly approved $5 million for the program.

"This is great news," said Jim Rapp, director of communications for the North Carolina Technology Association, which has been a strong advocate for the grants program. "Many of our members are small companies, and this program will definitely help them succeed in growing their companies in North Carolina."

The One North Carolina Small Business Fund is an attempt to make more funding available for emerging companies. A shortage of venture capital for startups and early-stage companies has been cited in the past by entrepreneurial groups as a limiting factor on the numbers and the growth of new firms.

The grants were awarded through the governor's office for Science and Technology. The funds are to be used for research and development.

"These grants enable North Carolina's small businesses to conduct the research and technology development that will generate the kinds of innovation critical to the future growth of our state's economy," Easley said in a statement. "The One North Carolina Small Business Fund helps further position North Carolina as the nation's top entrepreneurial state and as a leader in the global marketplace. This program is just one more reason that our state is ranked No.1 for business climate."

To be eligible for a state grant, a company must have already received a Small Business Innovation Research or a Small Business Technology Transfer award from the federal government. The state can match up to half of a federal grant to a maximum of $50,000.

The first grants, with company and project descriptions provided by the Governor's office, went to:

For more information about the One North Carolina Small Business Fund, how to apply and qualify for the grants, see: www.ncscienceandtechnology.com


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