The Bluegrass AgTech Development Corp (BADC) grant program will take another big step forward Friday, inviting agtech businesses to apply for a second round of Challenge Grants. The grants are designed to encourage agtech and food-based businesses to locate in Kentucky.
“We’re on our way to becoming the international address of agtech business,” Mayor Linda Gorton said. “These businesses will bring good-paying jobs, while strengthening our agricultural and technology sectors.” The grant competition is open to registered startups with the potential to grow and expand food and agricultural economic opportunities in the state.
Four partners make up Bluegrass AgTech Development Corp: Lexington-Fayette County, the Kentucky Department of Agriculture and its Kentucky Agricultural Development Fund, the University of Kentucky Martin-Gatton College of Agriculture, Food and Environment, and Alltech.
“As a proud Kentucky company, we see a bright future for the state’s thriving agtech ecosystem, which is already a center of innovation and growth,” said Dr. Mark Lyons, president and CEO of Alltech, a global animal health and nutrition company headquartered in Lexington. “The Challenge Grant program further strengthens this landscape, creating valuable opportunities to drive the creation of technologies that will shape the future of agriculture.”
Each applicant may apply for up to $100,000 of grant funding. Those selected to receive a grant will also be offered resource support, such as mentorship, referrals to professional services, connections to local growers and research teams, and other business development assistance.
“This is an exciting time for Kentucky’s AgTech community,” said Bob Helton, executive director of the Bluegrass AgTech Development Corp. “The recipients of our Challenge Grants have the potential to make a significant impact across the state. We’re already seeing impressive progress from the 2023-2024 Challenge Grant awardees, and we eagerly anticipate reviewing the upcoming applications for the next round.”
Last August, Bluegrass AgTech awarded its first round of Challenge Grants to seven businesses, including five from Lexington. The seven grant recipients were awarded a combined total of $625,000. The winning companies were: Hempwood, Iristrac, Sunflower Fuels, Parasight Systems Inc., RedLead Biologics, Lepidext Inc. and Spirited Biomaterials.
Applicants must be able to provide matching contributions on a dollar-for-dollar basis for their proposed project. Beginning today, Nov. 22, applications will be available online. Deadline for completion is March 1, 2025.
For more information about the 2024-2025 BADC Challenge Grant Application process, visit bluegrassagtech.org.
