NIC relaunching Venture Fund Microgrant program

North Idaho College, with support from the City of Coeur d’Alene, is preparing to relaunch the NIC Venture Fund Microgrant program, which offers financial resources to help regional entrepreneurs launch and expand business ventures. NIC Venture Fund microgrants will be available to approved applicants beginning Monday, Feb. 14, 2022.

The microgrant program is an extension of the work North Idaho College has done for the last five years, supporting and investing in programming geared to assist small businesses and entrepreneurs through a variety of resources available through the NIC Venture Network. These services include technical assistance and product development support through the NIC Venture Center; college credit certificate programs through the NIC Avista Center for Entrepreneurship; small business coaching and education in partnership with the Small Business Administration at the Idaho Small Business Development Center; and makerspace and hands-on education through Gizmo-CDA. 

“Entrepreneurs often benefit from the education and services of Venture Network programming, only to be stunted by capital-access limitations that inhibit their potential for success,” said Ryan Arnold, NIC Director of Regional Entrepreneurial Strategy. “Usually, they don’t need a large amount of capital that would require traditional lending options. Instead, it’s smaller micro-funds that are needed to purchase inventory, equipment, or gain legal assistance in their business pursuit.”

In fall 2021, North Idaho College operated the first NIC Venture Fund Microgrant Program, which awarded $30,000 in microgrants to seven local businesses in the Coeur d’Alene area. Those companies went on to create and/or retain 15 jobs, and raise an additional $150,000 of investment capital since October 2021.

“Supporting entrepreneurship is not only a way to grow our region’s tax base, but just as importantly, empower community members to successfully pursue their life’s passions,” Arnold said. “Thanks to the City of Coeur d’Alene and our Venture Network partners, the NIC Venture Fund is another impactful tool we have to encourage business prosperity in our area.”

To be eligible for a Venture Fund microgrant, applicants must have experience working with at least one of the North Idaho College Venture Network programs: NIC Venture Center, NIC Avista Center for Entrepreneurship, North Idaho Small Business Development Center, or GIZMO-CDA. Applicants must also be residents of the City of Coeur d’Alene.

Participants will identify tangible financial barriers to their business’s success (such as capital, inventory, technical assistance, childcare to allow time to work on the business, etc.).

Qualifying participants will receive one or more microgrant awards in amounts not to exceed a total of $5,000 per recipient for non-labor business costs.

For more information about the NIC Venture Fund Microgrant program and the other NIC Venture Network programs, please visit nic.edu/venture or contact Sam Koester, Senior Administrative Assistant – Entrepreneurship at sam.koester@nic.edu or (208) 929-4038.

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