BIRMINGHAM, Ala. (WBRC) – State leaders are hoping to keep your kids in Alabama after they graduate college. Their plan is to provide millions of dollars in grants to small businesses. It is leveraging local business owners as well as the government’s regional and national economic footprints to market cutting-edge technology.
The Alabama Innovation Corporation, or Innovate Alabama, has announced the first round of small business recipients of the Innovate Alabama Supplemental Grant Program, awarding more than $4.5 million in grant funding. 31 awards were given to 30 winners in six Alabama cities.
“We want those businesses to stay in Alabama,” said state Rep. Danny Garrett. “They are technology-based companies and they can grow their businesses in the state. Businesses with new ideas, some of which are related to technology or product development.
Garrett is a member of Innovate Alabama, and each company awarded in this round could receive up to $250,000 each because they were awarded federal grants.
“Of the 30 businesses that received those awards, nine were owned by women and minorities,” Garrett said. “We want to attract those businesses here. We want people with those ideas here. There’s a network of these people across the state, we want to encourage them to stay in Alabama and support that.”
Innovate Alabama supplemental grant winners are located in Tuscaloosa, Birmingham, Bessemer, Huntsville, Auburn and Mobile. Garrett said the new grant program encourages young college graduates to stay in Alabama, with their new ideas.
“We want them to stay here,” he said. “They love living here. They love what the state has to offer. We don’t have that vehicle investment network in place, so that’s another way we can retain college graduates.”
Each business has 18 months to use their grant money, and Garrett said it will be in the state’s legislative budget each year.
The Alabama Legislature appropriated an additional $5 million for the 2023 fiscal year. Applicants must have an active Phase I or Phase II SBIR or STTR grant on or after July 1, 2022. The application portal is expected to reopen in 2023.
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