⚡ Get All Content for 20% Off ⚡

SBA Announces $2.5 Million Competition for Accelerators The Small Business Administration is looking to level the funding playing field across the country.

By Linda Lacina

entrepreneur daily

Traditionally, businesses in Silicon Valley or New York have had an advantage over those in South Dakota or Arkansas thanks to robust accelerators on the coasts. But a new initiative from the U.S. Small Business Administration is looking to equal the funding playing field.

Today, SBA's administrator Maria Contreras-Sweet announced the launch of a $2.5 million competition aimed at strengthening access to capital throughout the country. The announcement was made at the kickoff to the group's annual Small Business Week events in San Francisco, held this year at Twitter's headquarters.

According to a statement the SBA released this morning, the competition will allow entrepreneurial models to compete for prizes of $50,000 apiece, helping to fund operating budgets and fill in gaps in the entrepreneurial ecosystem. The competition will give special consideration to accelerators that support manufacturing as well as those that support women or other underrepresented groups.

Applications are due August 2, 2014.

Linda Lacina

Entrepreneur Staff

Linda Lacina is the former managing editor at Entrepreneur.com. Her work has appeared in the Wall Street Journal, Smart Money, Dow Jones MarketWatch and Family Circle. Email her at llacina@entrepreneur.com. Follow her at @lindalacina on Twitter. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.