Three Chattanooga businesses were selected among a dozen Tennessee companies as recipients of Tennessee Small Business Innovation Research and Small Business Technology Transfer matching grants from LaunchTN, the state’s business development agency.
Coulometrics, an advanced battery manufacturing and consulting firm, qualified for a $150,000 grant; E&G Associates, an engineering and consulting firm with extensive powder characterization expertise, will receive $74,797 of grants, and PreTel Inc., a medical device innovator, will get $74,615.50 in grants from the federal program.
The grants helped the small businesses purchase crucial equipment for overall market expansion and create at least 44 jobs across Tennessee.
The business innovation grants are awarded nationally to nearly 5,000 startups small businesses each year. To qualify, the companies must be in operation for at least 24 months and use the grants to grow new technologies, products or business lines.
In 2017, LaunchTN started the grant-matching program to stimulate the state’s economy. To date, 24 companies, of which eight are led by women, veterans and minorities, received funds totaling $3 million.