The $3.2 million will be used to establish a business grant called Ignite, which will fund $50,000 grants to assist and support early-stage businesses, according to Steve Weathers, president and CEO of the RGP. The original grant is being used to create Rocket Ventures, a nonprofit organization whose sole focus will be to execute the plan. The remaining $6 million will be used to capitalize a pre-seed investment fund.
It looks like in order to get the money they will have to raise $1.6 million to match the state's money.
I hope that these injections of money really help the area.