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Innovate Alabama awards nearly $4 million in funding to Alabama small businesses

Innovate Alabama has announced recipients for the fourth round of the Innovate Alabama Supplemental Grant Program, awarding nearly $4 million to 22 small businesses.

17 of the 22 recipients are currently based in Alabama and received an average of more than $175,000. For the first time, the Supplemental Grant Program has expanded beyond the borders of Alabama, bringing five new businesses to relocate into the state per the funding requirements, which state that grant recipients have a 12-month window after receiving grant funds to relocate their headquarters and the majority of their
teams to Alabama.

The five recipients are required to relocate their headquarters to Alabama from Delaware, Florida, Illinois and Wyoming within the next 12 months as part of the funding agreement.

“With this new round of funding, we are proud to continue providing opportunities to our homegrown businesses while also recruiting new businesses to the state,” said Innovate Alabama CEO Cynthia Crutchfield. “This largest class of Supplemental Grant recipients to date is a testament to the growth of what Innovate Alabama is working to accomplish by increasing access to resources for businesses across the state.”

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Innovate Alabama is Alabama’s first statewide public-private partnership focused on entrepreneurship, technology and innovation with a “mission to help innovators grow roots here in Alabama.” Since August 2022, their Supplemental Grant Program has awarded over $13 million in total to 68 grant awardees.

“The funding from the grant program is a vital link for Alabama entrepreneurs, connecting companies with promising technologies or research with the necessary resources for success. By fostering job creation and community advancement, and cultivating a robust workforce, these grants are poised to energize Alabama’s economy. They send a strong message to entrepreneurs nationwide, affirming Alabama as an ideal environment for business expansion and development,” Innovate Alabama stated.

Charles Vaughan is a contributing writer for Yellowhammer News.

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