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

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.

Editor's Pick

Starting a Business

The Next Chapter of Basketball? Why This New League Is Betting Big on 1v1 Hoops

The Next Chapter is a premier 1v1 league turning streetball culture into a marketable, competitive sport. With unique players and pay-per-view events, the league aims to become a billion-dollar basketball business.

Starting a Business

This 'Dream' Side Hustle Out-Earned Her Corporate Salary in 2 Years — Now It's a $2 Million Business

Here's the exact blueprint she used to leave her W2 job behind and step fully into entrepreneurship.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Deloitte Is Reimbursing Employees Up to $1,000 — For Buying Lego Sets

Each Deloitte employee can spend up to $1,000 on items to improve their well-being.

Leadership

5 CEOs Sat Down for a Candid Conversation — What They Revealed Could Change Your Entire Perspective on Leadership

These five CEOs get brutally honest about leadership, pressure and letting go of control.

Business News

Meta Is Reportedly Offering Up to Nine-Figure Pay for Researchers on Its New Superintelligence AI Team

Meta CEO Mark Zuckerberg, 41, is overseeing the hiring of staff for the new 50-person team.