Traverse City’s 20Fathoms Receives USDA Grant Funding
Partnership with Traverse City DDA to Help Other Tech Start-Ups
Federal funding will go to help a Traverse City tech company – which wants to use the money to help other start-ups.
The Traverse City Downtown Development Authority sponsored the grant application and got word of the $71,000 award from the US Department of Agriculture.
The money will go to 20 Fathoms, a tech-incubator firm in downtown Traverse City. The company will use the money to help other tech start-ups with access to capital, hiring new talent, and navigating the resources they need to get their new businesses off the ground.
Andy Cole is the Executive Director of 20Fathoms. He says they’ve received tremendous support from the USDA Rural Development office and the Traverse City DDA. “We’re at a point now where we’re providing a level of support that some of the best incubators and innovation hubs around the country are providing. So you know, it’s helping us stay competitive at a world class level.”
The DDA says 20 Fathoms has already been a success in terms of business growth, by helping other companies create 45 new positions.