WASHINGTON, D.C. – Senator Peter Welch (D-Vt.) today applauded the announcement of over $1 million in grants to the Northeastern Vermont Development Association of St. Johnsbury, VT, and the Center on Rural Innovation in Hartland, VT, awarded by the U.S. Department of Commerce’s Economic Development Administration through its ‘Build to Scale’ program.
“Providing innovators with the resources they need to grow and thrive is crucial to growing technology entrepreneurship in Vermont and across the country. These grants will be instrumental in fostering the acceleration of high-growth technology manufacturing and increasing investment in the Green Mountain State,” said Sen. Welch. “I applaud the Biden Administration’s continued commitment to strengthening our economy, boosting innovation, and creating good-paying jobs in rural areas, and look forward to continuing to work with them to provide more opportunities to support businesses and workers in Vermont.”
The grants aim to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial assistance and startup capital. This announcement marks the 10th cohort of grantees for this program, awarded to 60 organizations across the country, and support innovation industries, such as agriculture technology (ag-tech), bioscience, advanced manufacturing, and health technology, among others.
The Center on Rural Innovation of Hartland, Vermont will receive $260,379 from the ‘Build to Scale’ program’s ‘Venture Challenge Grant.’ The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models.
The Northeastern Vermont Development Association of St. Johnsbury, Vermont will receive $749,947 from the ‘Build to Scale’ program’s ‘Capital Challenge Grant.’ The Capital Challenge increases access to capital in communities where risk capital is in short supply. Operational support is provided for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.
Learn more about the ‘Build to Scale’ grant program here.
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