Young Delaware companies in need of funding can apply for an Encouraging Development, Growth and Expansion Grant from the Delaware Division of Small Business.
The division will be accepting applications from promising early-stage businesses statewide until 5 p.m. March 31. Finalists will pitch their proposals to a panel of judges, with winners announced in the summer.
Businesses who are less than 5 years old and employ no more than 10 individuals are eligible.
The grants are awarded through a competitive selection process. Five STEM-based companies can receive up to $100,000 for eligible expenses, while five Entrepreneur Class (non-STEM) businesses can receive up to $50,000.
EDGE is a matching grant program. The Division of Small Business matches a winning firm’s investment on a 3-to-1 basis. The company can spend the funds on expenses to improve its long-term chances of success, such as a marketing campaign to acquire more customers or the purchase of needed equipment to increase production.
“Delaware has an amazing community of entrepreneurs who stake their future on following their passion and starting their own business,” Secretary of State Jeff Bullock said. “By providing significant capital to these early-stage companies, the state of Delaware is able to help them reach their potential and show their owners that we value their efforts in starting and growing their businesses here in Delaware.”
The division’s director, Jordan Shulties, added, “The EDGE Grant program has been very popular with Delaware small-business owners because these grants have helped promising small companies in a variety of industries reach the next level and compete with larger companies.
“I urge eligible small-business owners interested in the program to reach out today to one of our regional business managers for help with the application process.”
Since EDGE launched in 2019, $2.75 million has been awarded to 50 small businesses ranging from renewable-energy technology to fitness centers to restaurants. This will be the fifth round of the program.
One of the businesses that received funding is Elyte Energy, which uses patent-protected hydrogen technology to build a highly efficient power supply for generators and other fixed and portable devices. Elyte was awarded a $100,000 STEM grant in the last round of funding, and the company is using it to acquire lab space and equipment to develop a commercial prototype of its system to power generators for the outdoor industry.
“Startup companies like ours need funding if they are going to grow,” said Dr. Jalaal A. Hayes, Elyte Energy’s founder and CEO. “The $100,000 EDGE grant we received from the Delaware Division of Small Business will be crucial in helping us expand operations and build a commercial prototype to help meet our goal of making green energy available for the recreational vehicle market.”
Businesses should visit the Division of Small Business website for more information.
