Launch
Grants to Purchase Assets
Need capital to grow your business but unable to qualify for a bank loan? The Launch Micro-Grant was created to help entrepreneurs scale their operations by providing access to capital to aid in the purchase of an asset.
Student Opportunities
Local college students who are pursuing a business idea are eligible to receive up to $2,500 through this program. Student qualifications vary, so inquire below for more details.
Launch Program Details:
Launch applications are currently closed.
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What is the process?
- Review the rules and requirements in this section
- Submit an application
- Attend pitch practice and financial review
- If selected, pitch to a panel of judges
What are the rules and requirements?
- Applicants must be 18 years or older.
- Business must be between 6 months and 5 years old.
- You must have sales and proof of concept.
- Business must be located in Lakeland, Florida.
- Business must have had less than $1,000,000 in sales the previous year.
- Business must be a formed legal entity.
- Applicants must not be eligible for traditional bank lending.
- It must be a “new to Lakeland” concept (meaning that you provide something that is unique and not just another Starbucks or hair salon etc.).
- The grant money must be used to scale business beyond solely increasing revenue (hiring employees, expanding space etc.).
- Recipients will be required to give regular updates of what they have done with the funding, as well as the impact of the investment.
How much funding is available?
Small businesses can apply for any amount up to $10,000, while students are eligible for up to $2,500. Ultimately, the judges will decide on the amount awarded, if any.
What can be purchased through funding?
The purpose of this grant is to help Lakeland-based business owners purchase an asset that will directly lead to a growth in their business.
What cannot be purchased with funding?
- Personal Items
- Legal Fees
- Hiring Staff
- Purchasing Property
- Items that require unsecured additional funding to complete the project
- Projects related to: Real Estate, Accounting, Insurance
- Nonprofits
- Religiously-affiliated businesses
- Businesses that do not have a Lakeland zip code. Other Polk County zip codes do not qualify (i.e. – Mulberry, Bartow, Auburndale, etc.).
- Marketing
- Inventory
Purchase options vary for students. Inquire below for more information.
Does funding need to be repaid in full?
- No, this is a grant, not a loan.
- However, if you receive a grant, we ask that you invest 25% of Launch’s initial investment back into the fund within 24 months.
- Launch recipients will be invoiced monthly for the 25% give back portion 3 months following the use of the grant money.
- Grantees will be required to give regular reports of what they have done with the money as well as the outcome of the investment.
success Stories
Want to dive deeper? Learn more about how the Launch Micro-Grant can benefit your business in this video.
