June 10, 2019
By Mary Miller
Contributing Editor, Main Street Monday
Main Street Monday – SBA Announces Fifth Annual Growth Accelerator Fund Competition
The U.S. Small Business Administration announced its fifth annual Growth Accelerator Fund Competition.
The SBA will award 60 organizations that provide small businesses with opportunities such as securing venture capital, business plan assistance and mentoring resources with $50,000 each, up to a total of $3 million in awarded prize money.
Winners of the competition will be recognized as the most innovative accelerators, such as incubators and/or start-up community launch efforts, across the nation.
“Accelerators provide invaluable resources to small business startups, such as mentoring, business-plan assistance, networking and opportunities to obtain venture capital, among others. Through this competition, the SBA is looking to support the development of accelerators and their support of startups that have fewer conventional sources of access to capital,” states SBA Puerto Rico and U.S. Virgin Islands District Director Yvette T. Collazo.
The focus of this year’s competition is on those accelerators that provide growth opportunities to technology-focused small businesses, expanding efforts to build a stronger base for new SBIR and STTR applicants.
Competition participants must comply with restrictions, some of which include businesses in operation for at least two years, and those that target small businesses with at least 60% focus on funding the following entrepreneurs:
- Socially and/or economically disadvantaged individuals;
- Small business located and/or operating out of underrepresented SIBR/STTR territories;
- Businesses located in/operating out of Opportunity Zones.
Entry into the competition begins on June 10, with a deadline of June 20.