The Economic Vitality Committee for Downtown Milford Inc. (DMI) has arranged for a workshop that will provide details on the Encouraging Development, Growth & Expansion (EDGE) Grant. Anastasia Jackson from the Division of Small Business will facilitate the workshop January 31 from 8:30 to 9:30 AM in the Training Conference Room at Milford City Hall, located at 119 South Walnut Street.
“DMI’s Economic Vitality Committee began a series of educational workshops that are designed to help Milford businesses learn more about resources available to help them grow,” Pat Abel, Chairman of the EV Committee said. “A few months ago we worked with Danielle Swallow to provide details on coastal flooding and how businesses could protect themselves. This is the second in that series.”
The Division of Small Business awards EDGE Grants through a competitive selection process. Five STEM-based companies can each receive up to $100,000 for eligible expenses. Five Entrepreneur Class (non-STEM) businesses can each get up to $50,000. The funds are provided as a $3 (state) to $1 (business) match and the Division can provide up to 10 grants per application round (spring/fall). My Sister’s Fault, a Milford-based business, was a recipient of an EDGE grant in Spring 2022.
“Eligible expenses that can be used from the EDGE grant include market analysis assistance, advertising assistance, building infrastructure, essential equipment, website design or rent for lab space,” the state website dedicated to EDGE explained. “It cannot be used for employee wages unless they result a durable competitive advantage, owner salaries, permits, government fees or taxes.”
There are minimum requirements for applicants. The applicant must have been in operation for less than seven years, must employ 10 or less full-time employers. Two-part-time people equal one full-time but those who work under 10 hours per week do not count toward the employee count. The business must be majority located in Delaware and must provide a current balance sheet plus income statement. In any jurisdiction where “good standing” is required, the business must meet such conduct of business. A proposal is required with a completed and signed application. Proposals must be 20 pages or less. The applicant must have current business and professional licenses required under Titles 24 and 30 of the Delaware Code, not have more than $500,000 in net assets and be in good standing under the laws of Delaware.
“We do need a head count for this workshop,” Abel said. “The deadline to register is Tuesday January 30 at noon. Register for free by emailing [email protected]. Include your name, business name and phone number. Registration can also be completed by calling 302-470-1310.”
All businesses who meet the qualifications are welcome to attend the workshop.
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