Berkeley Chamber of Commerce News

SBA Launches Fund Competition to Award $4 Million for Small Business Startups

Posted by Berkeley Chamber of Commerce on April 13, 2015 in Business Start-up
Comments Off on SBA Launches Fund Competition to Award $4 Million for Small Business Startups

The Growth Accelerator Fund Competition was launched in 2014 with $2.5 million in appropriated funds. The first year of the competition presented an opportunity for the SBA to engage with and support organizations whose sole purpose is to help start-ups grow, become commercially viable and have a real and sustained economic impact. To this end, we awarded $2.5 million to 50 winners from a pool of more than 800 applications and celebrated their prizes at a White House Fly-In in Fall 2014. In 2015, SBA is awarding $4 million to accelerators in order to continue building the support structure needed to help start-ups become commercially viable and create jobs more quickly. The winners of this cutting-edge approach become part of the overall resource partner network, reaching a constituency that we were not effectively reaching before. Lastly, SBA will use a portion of these funds as part of the multi-agency POWER initiative as well as have $50,000 matching prizes available to entities which serve American Indian, Alaska Native or Native Hawaiian populations.

Growth Accelerator Competition

SBA Launches Fund Competition to Award $4 Million for Small Business Startups