Eagle Tribune: Three Mass Companies Awarded SBA Grants
The U.S. Small Business Administration (SBA) and its federal partners consisting of the National Institutes of Health, the National Science Foundation, and the Department of Education, announced the three Massachusetts companies are among the 68 winners of the third annual Growth Accelerator Fund Competition.
The winners include Entrepreneurship for All of Lowell, Massachusetts Biomedical Initiatives of Worcester and North Shore Innoventures Inc., of Beverly, which will received $50,000 each out of a total of $3.4 million in prizes to boost the economic impact of accelerators across 32 states and the District of Columbia.
"Our local winners this year are helping grow early stage new businesses in clean tech, biotech, life sciences industries - and helping to promote inclusive entrepreneurship on Main Street," said Robert Nelson, SBA Massachusetts district director. "We congratulate all three, and are looking to build on our relationships with these phenomenal organizations to continue to build communities and grow jobs here in the Commonwealth."
The purpose of the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem. While there are entrepreneurial activities occurring nationwide, some are better supported by private sector ecosystems than others. SBA has created connective tissue among the over 200 winning entrepreneurial ecosystems now part of the Growth Accelerator Fund Competition program.
"Small businesses are the heart and soul of our economy and we need to do all we can to help them grow and succeed. I am grateful to the SBA for this smart investment in our community and know that it will help give entrepreneurs in Worcester and across Center Massachusetts the resources and support they need," said Congressman Jim McGovern, D-Mass.
Applications 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 first panel of judges review over 400 applications and presentations and established a pool of 200 highly qualified finalists. The second panels evaluated the finalists' presentations and pitch videos and selected the 68 winners.
"Small businesses are the backbone of our national economy and regional job growth," said Congressman Seth Moulton, D-Mass. "So, it’s critical that our country’s small businesses have reliable access to capital in order to innovate, grow our economy, and create new jobs. I’m proud that Massachusetts entrepreneurs did so well in this national funding competition, including North Shore InnoVentures, Inc. in Beverly. I look forward to seeing the impact this federal funding will have on job creation and economic development here in northeastern Massachusetts.”
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