DOVER, DE (September 1, 2021) – Young Delaware companies in need of funding to help expand their business can now apply to compete for an Encouraging Development, Growth and Expansion (EDGE) Grant from the Division of Small Business. The division will be accepting EDGE Grant applications until September 30 from promising early-stage businesses throughout Delaware.
Businesses who are less than five years old and employ no more than 10 employees are eligible to apply for an EDGE Grant. The grants are awarded through a competitive selection process. STEM-based companies can receive up to $100,000 for eligible expenses while Entrepreneur Class (non-STEM) businesses can receive up to $25,000.
EDGE is a matching grant program. The Division of Small Business matches a winning business’s investment on a 3-to-1 basis. The business can spend EDGE grant funds on expenses that help improve the company’s long-term chances of success, such as a marketing campaign to help acquire more customers or purchasing a needed piece of equipment that can increase production capacity.
Applications for the competition round will be accepted from September 1 through September 30 at 5 p.m. Finalists will pitch their grant proposals to a panel of expert judges with winners announced in early 2022.
“The EDGE Grants competition provides a unique opportunity for Delaware’s early-stage small businesses to expand and innovate by providing them access to significant capital funding,” said Secretary of State Jeff Bullock. “With this funding, these smaller companies can compete with more established, larger businesses and move forward from the pandemic in a big way.”
“Delaware has a vibrant small business community that is consistently finding creative ways to remain competitive and grow their businesses, particularly as the state’s economy recovers from the pandemic,” said Division of Small Business Director Jordan Schulties. “EDGE funds can help many of those businesses continue to expand well into the future. I encourage business owners to reach out to our office to get started on the application process today.”
Since EDGE launched in 2019, more than $2 million has been awarded to 35 promising Delaware small businesses in industries ranging from wearable technology to agribusiness to craft brewing.
One of those businesses is Resonate Forward, a Newark-based company creating technology to benefit patients that suffer from Parkinson’s disease. Resonate Forward was awarded a $100,000 STEM EDGE Grant in the last round of funding. The company is using their grant to develop a manufacturable prototype and design for their RMband device that mitigates tremors in patients with Parkinson’s disease.
“Without the funding from EDGE, this important technology may not have reached the patients who can benefit most from it,” said Theresa Litherland, president of Resonate Forward. “We are grateful that Delaware recognizes small, growing companies like ours and offers programs like the EDGE Grant competition to help them reach their full potential.”
Businesses should visit www.delbiz.com/edge for eligibility requirements, to download the grant application and to connect with a Regional Business Manager for assistance.