U.S. Department of Commerce Launches $45 Million FY22 ‘Build to Scale’ Funding Opportunity to Strengthen Regional Innovation Hubs and Invest in Local Business Startups
WASHINGTON – Today, the U.S. Commerce Department announced the opening of the Economic Development Administration’s (EDA) FY22 Build to Scale (B2S) program, which is designed to invest in regional economies through scalable business startups.
The Build to Scale program’s national competitions will deploy $45 million to further technology-based economic development initiatives that accelerate high-quality job growth, create more economic opportunities, and support the next generation of industry leading companies. The B2S Notice of Funding Opportunity (NOFO) was published today, and the deadline to apply for the program is 11:59 p.m. EDT June 13, 2022.
“The ‘Build to Scale’ program has a proven track record of fueling innovation and tech-based economic development by building strong entrepreneurial ecosystems and providing startups with access to capital,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “EDA looks forward to reviewing this year’s applications and learning more about regional strategies to build equitable economic opportunities that will lead to tomorrow’s industry-leading companies.”
The FY22 Build to Scale program is comprised of two competitions—the Venture Challenge and the Capital Challenge. The Venture Challenge seeks to support high-growth, technology-centric entrepreneurship to stimulate innovation, increase economic prosperity, and create high-skill, high-wage jobs. The Capital Challenge increases access to entrepreneur-ready, equity-based capital by providing operational support for early-stage investment funds, angel networks, and investor training programs.
Eligibility is open to cities, counties, states, other political subdivisions of states, and Indian tribes; or entities supported by a state or political subdivision of a state that is one of the following: a nonprofit organization, institution of higher education, public-private partnership, science or research park, federal lab, venture development organization, economic development organization, or a consortium of any of the aforementioned.
Each challenge has two funding tiers. For the Venture Challenge, grants of up to $750,000 are available to pilot or adapt new programs, and grants of up to $2 million are available to scale proven programs. For the Capital Challenge, grants of up to $300,000 are available to educate and connect investors, and grants of up to $750,000 are available to create, scale, and operate equity-based investment funds.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.