Governor Lee includes new innovation and economic development funding in next year’s budget
His recommendations included $20 million for the Federal Grant Matching Fund, to support proposals from Tennessee universities and businesses applying for research funding.
Tennessee Governor Bill Lee delivered his seventh State of the State address and presented budget and legislative priorities for the upcoming year to a joint session of the General Assembly on Monday night. Among the highlights from an innovation and economic development perspective were these:
- $45.8 million for the Rural Development Grant Fund to enhance Tennessee’s rural and distressed communities through site development, community asset improvements, strategic planning, and downtown revitalization.
- $25 million for FastTrack grants to recruit new businesses to Tennessee and support workforce development.
- $25 million to expand the RevV Program to connect private companies with Tennessee’s research institutions to drive research and development and job creation.
- $5 million for the Tennessee Entertainment Commission to fund incentive grants to strengthen Tennessee’s music and film industry.
- $10 million for the Rural Grant Opportunity Fund to match funding for at-risk and distressed counties seeking state and federal grants.
- $10 million for the Small Business Innovation Research and Small Business Technology Transfer Matching Funds to match federal funds assisting Tennessee start-ups in securing competitive research and development grants.
- $50 million to create the Small Modular Reactor (SMR) Grant Fund to support Tennessee Valley Authority’s Clinch River Nuclear SMR project to position Tennessee as a leader in next-generation nuclear energy.
- $20 million for the Federal Grant Matching Fund, to support proposals from Tennessee universities and businesses applying for research funding from federal agencies like the National Science Foundation and Department of Energy.
- $5 million for upgrades at the iLab/East Tennessee State University-Eastman Valleybrook campus.
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