LA: State Extends Innovation Retention Grant Program Offering Financial Support for Small Businesses

LED has received a second round of federal funding for a program that encourages research-focused start-ups to keep their businesses rooted in Louisiana by making supplementary state funding available to recipients of federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants.
 
The Louisiana Innovation Retention Grant (IRG) program offers awards of up to $100,000 for eligible businesses. Applications will be accepted June 1 through June 30, 2024.
 
“Economic development in Louisiana is as much about supporting existing businesses as it is about attracting new businesses here,” LED Secretary Susan B. Bourgeois said. “The Innovation Retention Grant program helps to ensure that start-ups made in Louisiana, stay in Louisiana.”
 
Established by the Louisiana Legislature, the IRG program seeks to:

• Help Louisiana support and retain STEM start-up companies and their talented workers.
• Demonstrate the state’s support for business innovation by supplementing the federal research dollars received by Louisiana small businesses.
• Increase the investment in research conducted during Phase I of the federal SBIR program, making Louisiana small businesses more competitive for Phase II funds.
• Encourage the establishment and growth of high-quality, locally owned and operated technology businesses throughout the state.

To be eligible, an applicant must be a for-profit, privately owned business based in Louisiana that received federal notice of a Phase I or Phase II SBIR/STTR award after June 15, 2022. Grants will be divided into two equal amounts disbursed over a two-year period.
 
Access detailed program information, FAQs and a downloadable application on LED’s website, OpportunityLouisiana.gov/incentive/louisiana-innovation-retention-program.