§ 41-23-64 — Establishment of Grant Programs

Alabama § 41-23-64

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 23: Department of Economic and Community Affairs
• Art. 4: Alabama Small Business Incubator Act

Text

The following grant programs shall be established:
(1) FEASIBILITY STUDY MATCHING GRANTS. As a necessary step in incubator start-ups, funds may be provided on a 50 percent state to 50 percent sponsor basis. Any feasibility study shall conform to the format established by the National Business Incubator Association. The maximum state funds for this purpose shall be $10,000.
(2) TECHNICAL ASSISTANCE GRANTS. Funds may be provided as deemed necessary by the committee.
(3) CAPITAL OUTLAY AND OPERATIONAL MATCHING GRANTS. To offset operation costs related to beginning and maintaining a small business incubator for the first two years of operation. The maximum state funds for the first year shall be 50 percent of operational costs not to exceed $75,000, and the second year shall be limited to 50 percent of that amount.
(4) START-UPS OR EXPANSION GRANTS. Grants to provide for the renovation of start-ups or expansions of space in buildings or other buildings determined to be suitable for small business incubation purposes. The maximum participation for state funds for this purpose is 30 percent of the project amount, not to exceed $200,000 per grant.
(5) CONSTRUCTION GRANTS. Grants to provide for the construction of new facilities. The maximum participation for state funds for this purpose is 30 percent of the project amount, not to exceed $200,000 per grant.

Legislative History

(Acts 1993, No. 93-543, p. 895, §6.)