SBA Announces Additional Funds for Small Business Startups

17 new winners will receive funding to boost economic impact of growth accelerators across the country, including Manufacturing Diversity Institute (Milwaukee, Wis.).

WASHINGTON – Today, the U.S. Small Business Administration (SBA) announced it will provide a total of $850,000 to 17 new winners of SBA’s third annual Growth Accelerator Fund Competition.  Each organization will receive a cash prize of $50,000 from the SBA.  This announcement brings the total number of 2016 winners to 85 across 37 states and the District of Columbia.  The additional funding will boost the economic impact of accelerators and brings the 2016 award total to $4.25 million.

“Although an overused phrase, we feel like all of our entrants are winners.  The accelerator and incubator platforms across our nation are having a huge positive impact on business initiations, incubations and outcomes.  We are proud of our 85 winners and know that these awards will be put to good use,” said Mark Walsh, SBA Associate Administrator for Investment and Innovation.

This competition draws attention and funding to parts of the country with gaps in the entrepreneurial ecosystem. While there are entrepreneurial activities occurring nationwide, some are better supported by private sector ecosystems than others. Through these efforts, SBA has created connective tissue among the over 200 winning entrepreneurial ecosystems now part of the Growth Accelerator Fund Competition program.

Continue reading: https://www.sba.gov/node/1547868