SBA Announces Additional Funds for Small Business Startups

WASHINGTON, Oct. 31, 2016 /PRNewswire-USNewswire/ -- 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. 

In accepting funds, accelerators commit to quarterly reporting for one year, including jobs created, funds raised, startups launched and corporate sponsors obtained. These metrics will allow SBA to continue building its database of accelerators and develop long-term relationships in these innovative and entrepreneurial communities.

Applications in 2016 were judged by more than 100 experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector.   

The additional Growth Accelerator Fund Competition Winners are:

• Seed Spot (Phoenix, Ariz.)
• Urban Workshop (Costa Mesa, Calif.)
• Hera Labs (San Diego, Calif.)
• XLR8UH (Honolulu, Hawaii)
• Windy City Harvest (Glencoe, Ill.)
• NIIC (Fort Wayne, Ind.)
• Fab Lab ICC (Independence, Kan.)
• Propeller (New Orleans, La.)
• Cohab (Shreveport, La.)
• NEON Business Incubator (Minneapolis, Minn.)
• Prosper Women Entrepreneurs (St. Louis, Mo.)
• First Flight Venture Center (Durham, N.C.)
• Year of the Startup (Omaha, Neb.)
• The Mill (Las Vegas, Nev.)
• University of Toledo Launchpad Incubator (Toledo, Ohio)
• Local Works (Charleston, S.C.)
• Manufacturing Diversity Institute (Milwaukee, Wis.).

For more information about accelerators, the Growth Accelerator Fund Competition and a full list of award winners past and present, visit: www.sba.gov/accelerators.  

ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)

The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.  The SBA helps Americans start, build and grow businesses.  Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov

Contacts: Tiffani S. Clements (202) 401-0035
Internet Address: www.sba.gov/news
Release Number: 16-80

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SOURCE U.S. Small Business Administration

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