Important CIT Deadline for NICH SBIR Grantees

Posted on 10.12.11

October 31 is the deadline for up to $50,000 in the SBIR matching grant program.  This matching grant program recently passed in the last General Assembly and is capped statewide at $2 million.  It is administered by CIT through the Commonwealth Research and Commercialization Fund, which just released details for applying for this matching grant.

Criteria:

  • Recipient of NIH Phase I SBIR award (STTR’s NOT Eligible)
  • Virginia-based technology company with fewer than 12 full-time employees
  • At least 51% of employees reside in Virginia
  • At least 51% of property is located in Virginia
  • Must submit a commercialization plan with application
  • Awards limited to $50,000 match
  • An internal and external vetting process will take place. External review committee will make award recommendations to the Innovation and Entrepreneurship Investment Authority.
  • Awards in first round are expected to be made in December 2011
  • Other criteria – Project must be active;  Companies newer to SBIR program preferred;  Max of two applications per company, per solicitation;  One application per project;  One award per project;   Two FY2012 awards maximum, $50,000 each, per company;  Commercialization status report 18 months after PoP.
  • A second RFP will be released in early CY2012

More information can be found at http://www.cit.org/programs/cit-rd/crcf/2012solicitation.

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.