Delaware‘s EDGE Program Awards $1.5 Million to Innovative Startups
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Delaware’s Entrepreneurial Growth and Development (EDGE) program has awarded $1.5 million to eight small businesses, fueling innovation across sectors like agriculture, fintech, and enduring chemistry. The latest round of funding, announced recently, underscores the state’s commitment to supporting local entrepreneurs and driving economic growth. this brings the total awarded by the EDGE program since its inception in 2019 to over $9 million, distributed among 127 businesses statewide.
EDGE 2.0 Funding Recipients
the recent awards were distributed as follows:
* Agri-tech: An agricultural biosecurity system received $300,000.
* Lectrolyst (Wilmington): $162,500 to advance its technology converting carbon dioxide (CO2) into valuable chemicals.https://www.lectrolyst.com/
* Prismm (Newark): $125,000 for its fintech platform designed to simplify the inheritance process. https://prismm.com/
* Other Recipients: Four additional Delaware-based businesses received funding,bringing the total to $1.5 million. Details on these recipients were not provided in the source material.
Prismm also secured a separate $1 million federal investment through the State Small Business Credit Initiative (SSBCI), channeled through the Delaware Accelerator and Seed Capital Program. The SSBCI aims to bolster innovative startups and foster economic development. https://www.treasury.gov/ssbc
The EDGE program: Fostering Delaware Entrepreneurship
Launched in 2019, the EDGE competition is held twice annually and is open to businesses that have been operating in Delaware for less than seven years. The program provides crucial financial support to help these companies scale their operations and bring innovative products and services to market.
governor meyer emphasized the program’s impact, stating that EDGE 2.0 transforms “ideas into paychecks and pride across our state,” and supports entrepreneurs who “keep prospect close to home.”
What is the State Small Business Credit Initiative (SSBCI)?
The SSBCI, established by the U.S. Department of the Treasury, provides funding to states, territories, and tribal governments to increase access to capital for small businesses. It focuses on supporting businesses that may not qualify for traditional financing,particularly those in underserved communities. The program aims to stimulate economic growth and job creation. https://home.treasury.gov/policy-issues/small-business-credit
Key Takeaways
* Delaware’s EDGE program has awarded $1.5 million to eight small businesses.
* Funding supports diverse sectors including agriculture, fintech, and sustainable chemistry.
* Prismm received both EDGE funding and a $1 million federal investment through the SSBCI.
* The EDGE program has distributed over $9 million to 127 businesses since 2019.
* The program aims to foster entrepreneurship and economic growth within Delaware.
The EDGE program continues to be a vital resource for Delaware’s small business community. As the program evolves,it is expected to play an increasingly crucial role in driving innovation and creating economic opportunities throughout the state. Future rounds of funding will likely focus on emerging technologies and industries, further solidifying Delaware’s position as a hub for entrepreneurship.