Small business supporters partner to retain STEM talent in Delaware

Delaware recently took a big step toward strengthening the state’s innovation and technology workforce when the Delaware Division of Small Business, in partnership with BioConnect DE, a jobs-focused initiative of the nonprofit Delaware Center for Life Science Education and Training, announced details for the STEM Talent Advancement and Retention Fund.

The STAR Fund will provide tuition reimbursement awards for student loans of up to $6,000, as a way to incentivize, retain and attract graduates from an accredited postsecondary college or university who are currently employed or are considering employment in Delaware in the science, technology, engineering and math fields.

By offering financial support for student loan payments, the STAR Fund aims to attract and retain top talent in Delaware, ensuring that the state continues to grow its workforce in key industries.

“Retaining a young, diverse workforce is key to sustaining Delaware’s economy,” said DSB Director CJ Bell. “I believe the STAR Fund will be a blueprint for how we retain talent and continue our effort in becoming the innovation hub of the Mid-Atlantic.”

“We are pleased to partner with DSB on this important initiative,” said Center for Life Science Education and Training Chair Michael Fleming. “Developing and retaining a world-class STEM workforce is the highest priority for the life science industry in Delaware, and the STAR Fund will be an important tool in keeping great research and business talent here in our state.”

The application period will begin Monday, July 14 and end Thursday, July 31. Awards are expected to be made in October. Details about the program can be found at bioconnectde.org/star-fund.

There are several criteria for successful applicants to meet. Individuals must hold an associate, bachelor’s, graduate or postgraduate STEM degree from an accredited postsecondary institution, with preference given to Delaware colleges and universities. They must be employed full-time (35+ hours per week) by a Delaware-based employer. This includes companies having a principal place of business is in Delaware and at least 51% of employees working at a Delaware-based location, and being registered to conduct business in Delaware and reporting Delaware tax liability the previous year. Individuals who apply must work in one or more eligible fields: life, natural, or environmental sciences; computer information or software technology; advanced mathematics or finance; engineering; or medical device technology.

Preference will be given to applicants who are permanent Delaware residents and who attended a Delaware college or university.

The STAR Fund offers tuition reimbursement as follows: associate degree up to $1,000, bachelor’s degree up to $4,000 and graduate/postgraduate degree up to $6,000. Award amounts are available for up to four consecutive years but cannot exceed the actual loan expenses incurred. The STAR Fund was made available through the General Assembly’s 152nd Grant in Aid Bill and contains $100,000.

The Division of Small Business is a state agency committed to helping small businesses start and grow in Delaware through a variety of services it provides. From start-ups to experienced business owners looking to expand, its team of regional business managers can provide one-on-one assistance and counseling to help small businesses succeed. They can assist with a variety of needs, including: navigating government processes, connecting owners with many resource partner organizations, and identifying funding opportunities for which small business owners may qualify. See available programs and services at business.delaware.gov.

BioConnect DE was created to accelerate the engagement, training and delivery of a robust life science workforce. It helps equip Delawareans of all backgrounds with the skills and knowledge necessary to thrive in life science careers. BioConnect DE is meant to serve as a cornerstone of Delaware’s workforce development, enhance local economic development, and contribute to the growth and sustainability of the regional life sciences community.