The City of Peoria Economic Development Department will launch the Technology Industry Grant on Friday, June 30, 2023. This grant is specifically for small businesses that operate in technology-focused industries, such as Agricultural Technology (AgTech), Biological Medical Technology (BioTech), Medical Technology (MedTech), and other technological advancements. A small business is defined as a commercial enterprise that is independently owned, operated, and controlled and has fifty or fewer full-time equivalent employees.
With a total grant program budget of $250,000, the Technology Industry Grant aims to support businesses that prioritize technology to drive innovation and enhance their market competitiveness. Businesses must demonstrate the following:
- Established seed funding
- A viable product
- A plan for further development of the product for the market launch
Business owners can apply for grants ranging from $10,000 to $25,000, which can be applied to a variety of expenses, including costs associated with locating in Peoria, investing in operational space, and expanding operations within the city. The grant offers a valuable opportunity for small businesses to access funding to establish a presence or expand their operations in Peoria. This initiative is made possible through the funds provided by the American Rescue Plan Act.
Councilmember Velpula, who proposed this item to the City Council, stated, " I am happy to spearhead the transformation of Peoria into a thriving technology hub, encompassing biomedical, agricultural, and tech advancements. This grant has the potential to fuel breakthroughs in healthcare, sustainable agriculture, and beyond, creating jobs and unlocking boundless opportunities for innovation in Peoria's biotech landscape. This grant will empower entrepreneurship and create a supportive environment for startups by providing access to funding and incubation spaces, positioning Peoria as a launchpad for tech entrepreneurs.”
Applications for the Technology Industry Grant will open on June 30 and close when funds have been exhausted. For additional grant requirements and to access the application, please visit the Technology Industry Grant page for more information.