Program has invested $40,000 to date in local start-ups and innovators
Applications are now being accepted for Somerset-Pulaski Economic Development Authority (SPEDA) mini-grants, funding available to local businesses interested in launching a new start-up or expansion project.
SPEDA’s mini-grant program has invested in 16 projects for a total of $40,000 since its inception in 2019. Now in its fifth year, the program awards four $2,500 grants annually to businesses with the best ideas for growth. Mini-grants have contributed to projects ranging from a mobile eye health unit to an electric car charging station, historical markers and building renovations, giving business owners a valuable financial resource for jump-starting new ideas.
“Though the amount of each mini-grant isn’t large, we hear time and time again from our recipients that without this crucial financial support, they wouldn’t be able to pursue their entrepreneurial endeavors,” said Chris Girdler, SPEDA’s president and CEO. “When you look at the sum of the funding, however, the impact SPEDA has on Main Street is quite significant. We are so proud of this program — that we remember that small businesses are the heart of any economy. SPEDA supports businesses of every size in many different ways, and I love how this program showcases the entrepreneurial spirit in our community.”
The mini-grant program is made possible with savings realized through proper financial management and oversight at SPEDA.
Girdler said winning proposals will build capacity through the promotion, support and advancement of a business and overall economic development. Businesses should present their overall plan in their applications, ways in which the grant investment will be utilized, the need for the investment along with how they are helping to build community, mobilize local resources, and strengthen community institutions and networks.
Projects can include but are not limited to: strategic planning and management; purchase or physical improvements to facilities or equipment; training; or leadership, planning and management capacity.
The deadline to apply is Feb. 29, 2024, and winners will be announced in April. Complete guidelines for the mini-grant program and the proposal form can be downloaded online, or e-mailed by contacting Girdler at chris@speda.org or SPEDA Chief Accounting Officer Jessica Carlton at jessica@speda.org.