 APPLY NOW for EDA’s $45 Million FY22 ‘Build to Scale’ Funding Opportunity to Strengthen Regional Innovation Hubs and Invest in Local Business Startups
The Economic Development Administration is now accepting applications for the FY22 Build to Scale (B2S) program, which is designed to invest in regional economies through scalable business startups. (Read today’s press release)
The Build to Scale program’s national competitions will deploy $45 million to further technology-based economic development initiatives that accelerate high-quality job growth, create more economic opportunities, and support the next generation of industry leading companies.
The deadline to apply for the program is 11:59 p.m. EDT June 13, 2022.
The FY22 Build to Scale program is comprised of two competitions—the Venture Challenge and the Capital Challenge.
- The Venture Challenge seeks to support high-growth, technology-centric entrepreneurship to stimulate innovation, increase economic prosperity, and create high-skill, high-wage jobs.
- The Capital Challenge increases access to entrepreneur-ready, equity-based capital by providing operational support for early-stage investment funds, angel networks, and investor training programs.
Each challenge has two funding tiers. For the Venture Challenge, grants of up to $750,000 are available to pilot or adapt new programs, and grants of up to $2 million are available to scale proven programs. For the Capital Challenge, grants of up to $300,000 are available to educate and connect investors, and grants of up to $750,000 are available to create, scale, and operate equity-based investment funds.
Eligibility is open to cities, counties, states, other political subdivisions of states, and Indian tribes; or entities supported by a state or political subdivision of a state that is one of the following: a nonprofit organization, institution of higher education, public-private partnership, science or research park, federal lab, venture development organization, economic development organization, or a consortium of any of the aforementioned.
For more information about the Build to Scale program, visit: https://eda.gov/oie/buildtoscale/
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