Board of Commissioners Approves $50,000 Grant for the Entrepreneurship & Innovation Incentive Program
At the October 22, 2019 Board of Commissioners public hearing, the board approved an Intergovernmental Agreement with the Development Authority of Cobb County for a $50,000 grant to the Entrepreneurship & Innovation Incentive Program.
The incentive program is the first of its kind in Cobb County and provides services, assistance and/or incentives to entrepreneurs and innovators who are in high skilled fields to assist them in growing their business, creating jobs, and maintaining their presence in the county.
“This program is an exciting opportunity for both the County and local entrepreneurs,” said Michael Hughes, Economic Development Division Manager. “The Entrepreneurship and Innovation Grant Program opens doors to innovators in Cobb County, bridging the gap between potential growth and a successful venture.”
The Entrepreneurship and Innovation Incentive Program was approved by the Board of Commissioners in February of 2018. This Program is funded by the Development Authority of Cobb County (DACC), created by the State of Georgia to develop and promote the public good and general welfare trade, commerce, industry, and employment opportunities for Cobb. This authority is led by a board of volunteers and is solely funded by service and loan fees related primarily to loan/bond programs administered by DACC.
In July of 2018, the Development Authority of Cobb County approved $50,000 to fund the Cobb Innovation Fund. The funds were used to assist entrepreneurs and innovators in business growth, job creation and maintaining their business in Cobb. To date, three entrepreneurs have received grant monies from the Cobb Innovation Fund and there are several applicants under review by the newly formed Grant Subcommittee.
The Development Authority, on September 17, 2019, awarded a second grant in the amount of $50,000 to the Cobb Innovation Fund. The terms of this IGA are essentially identical to the terms of the first IGA approved by the Board in July 2018 for the initial grant provided by the Development Authority of Cobb County.
Each of these businesses’ business plans and grant applications were evaluated by a review committee. Each applicant submitted a completed incentive application including an extensive business plan, budget, and financial allocation analysis. Applicants must also be graduates from an Entrepreneurship training program. A grant subcommittee evaluates all applications and makes grant recommendations. This subcommittee is comprised of stakeholders from Kennesaw State University Office of Community Engagement, SelectCobb, Cobb Travel and Tourism, Cobb Young Professionals, and The Coalition of Cobb County Business Associations.
Applications for the next round of grant recipients are currently being accepted until November 1, 2019. Deadlines are set on a quarterly basis. For more information about the Cobb County Entrepreneurship and Innovation Incentive Program, visit www.cobbcounty.org/economic-development/incentives or email the Economic Development Team at [email protected]
Jessica Glicker | Cobb County Communications | [email protected]