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IDB approves $22,000 innovation grant to Innersign Corporation
Summary
The Industrial Development Board approved a $22,000 innovation grant to Innersign Corporation to reward verified job creation and support equipment investments; staff said the grant aligns with a city innovation program scheduled to be sunset later this year.
On June 2 the Industrial Development Board approved a $22,000 innovation grant payment to Innersign Corporation for 22 eligible jobs verified by the Tennessee Department of Labor and Workforce Development wage report dated Dec. 31, 2024.
Staff explained the innovation district grant was created in 2016 to support catalytic companies using new technologies, and the program's boundary was later expanded citywide. Sherita Allen told the board the program had been little used—only two previous awards—and staff plans to ask City Council to sunset the ordinance that created the program and to return the remaining funds to the IDB for a new, IDB-defined program later this year.
In packet materials staff said Innersign (also referenced in staff remarks as "Intersign") makes interior signage and has an exportable product, invests in digital production technologies and reported more than $1 million in equipment investments in the past 12 months. Staff confirmed the company met licensing and state registration requirements and verified the job-count against Department of Labor documentation before recommending the grant.
The board moved, seconded and approved the payment by voice vote at the June 2 meeting. A company representative was expected but did not appear at the presentation; staff presented the supporting documentation to the board.
