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Small Businesses Can Receive an “EDGE”
THE DELAWARE DIVISION OF SMALL BUSINESS OFFERS GRANTS THROUGH FUNDING COMPETITION
BY REGINA MITCHELL
Access to funding is one of the things that most startup and early-stage small businesses say is one of the hardest things to come by, and one of their most critical needs. The Delaware Division of Small Business (DSB) is helping many overcome this hurdle through its Encouraging Development, Growth and Expansion (EDGE) Program.
EDGE is a competitive selection process for grant funding. Five STEMbased companies can each receive up to $100,000 for eligible expenses while five entrepreneur class (non-STEM) businesses can each receive up to $50,000.
The EDGE competition allows DSB to support small business owners in Delaware who are creating unique products, making significant scientific advancements, and helping strengthen their local communities. Through this program the agency is fostering innovation through the investment of capital necessary to help individuals start or expand their small business. Since the program launch in 2019, DSB has awarded $5 million to 80 small businesses.
To be eligible to apply for the EDGE competition, your small business must have been in operation for less than seven years and have 10 or fewer employees including part-time and contract employees.
Small business owners can apply for funding to support expenses that help improve the company’s long-term chances of success and sustainability, such as purchasing needed equipment that can increase production capacity, improving building infrastructure, or contracting for website design or a marketing campaign to help acquire more customers. DSB matches a winning business’s investment on a three-to-one basis.
Awardees in the latest round of the competition include a drone company in need of an indoor facility; a company developing a new product for next generation silicon solar cells; and owners looking to bring a printing and artist co-working space to Kent County. For future rounds, DSB is particularly focused on increasing the number of STEM applicants, particularly those from Kent and Sussex Counties.
DSB operates the EDGE competition twice each year—once in the spring and once in the fall. The fall 2023 round opened September 1, and applications will be accepted through September 30 at 4:30 p.m. Finalists will pitch their grant proposals to a panel of expert judges later in the fall and winners will be announced by the end of the year.
Businesses should visit the Division of Small Business website for eligibility requirements, to download the grant application, and to connect with one of DSB’s regional business managers for application assistance.
Regina Mitchell is director of the Delaware Division of Small Business.
