Chattanooga IDB approves $22K grant for Intersign's job creation project

Chattanooga's Industrial Development Board (IDB) is set to sunset its innovation district grant program, originally launched in 2016, after awarding only two grants since its inception. The board plans to approach the city council to formally end the program by the end of this year, as the remaining funds of $170,000 will be redirected towards a new grant initiative yet to be determined.

The innovation grant aimed to foster local companies engaged in disruptive technologies but has seen limited uptake. The IDB's staff highlighted the need for a fresh approach, emphasizing that the current program has only drawn down $30,000 of the allocated funds.

In a related discussion, the board approved a $22,000 grant for Intersign, a local company specializing in interior signage. This grant is part of a broader effort to support businesses that create jobs and contribute to the local economy. Intersign has demonstrated its commitment to innovation by investing over a million dollars in new digital equipment and integrating 3D printing into its production processes.

Additionally, the IDB authorized a $9,375 grant payment to AIS Enclosure Systems for creating 22 full-time jobs with an average annual wage of $59,836. This payment is the first of five installments aimed at supporting the company's growth and aligning with Chattanooga's economic development goals.

The IDB's actions reflect a strategic shift towards more effective grant programs that can better support job creation and economic growth in the region. As the board moves forward, the focus will be on ensuring that new initiatives align with the city's broader economic development plans.