AL SB338

Creates the Innovate Alabama Matching Grant Program administered by the Alabama Innovation Corporation to provide matching grants to entities that have received federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer Research (STTR) grants.

Eligible applicants for SBIR Phase I grants must have received an SBIR grant from a federal agency; Phase II applicants must have submitted a final Phase I report, submitted a Phase II proposal, and demonstrated federal agency interest via a letter of support.

Eligible applicants for STTR grants must have received an STTR grant from a federal agency and entered into an agreement with a public university in Alabama or Tuskegee University.

Matching grant amounts cannot exceed the lesser of 50% of the federal award or $100,000 for Phase I awards and $250,000 for Phase II awards.

Grant recipients must maintain primary business operations, have at least one top executive, and employ at least 75% of workforce in Alabama for five years following the grant agreement; grant monies cannot be used to recoup personal investments or repay debt.