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Delaware Innovation Space receives $3 million loan

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Delaware Innovation SpaceDelaware Innovation Space, a nonprofit incubator and accelerator for start-ups, has received $3 million from the National Development Council.

Discover Bank established the program and provides an additional $225,000 operating grant.

“Delaware is a great place to start a business and Discover Bank is proud to help Delaware Innovation Space create opportunities for young businesses to incubate and thrive,” said Discover Bank President James J. Roszkowski.

The loan supports more than 20 start-up companies with infrastructure improvements, equipment investments, enhance operational performance and job growth in the health care, energy, nutrition, industrial biotech industries.

“The work of Delaware Innovation Space will enable more science-driven start-ups to flourish and ultimately expand the economic base in Delaware,” said Delaware Innovation Space President and CEO William D. Provine.

Delaware Innovation Space was founded inside the DuPont Experimental Station in 2017 to attract and develop startups in the state.

Delaware Innovation Space also recently launched First Fund, a loan program designed to facilitate growth for startups based at the hub.

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