These 4 local accelerators won $50K in federal funding from SBA

A quartet of local accelerator programs received funding through a U.S. Small Business Administration challenge.

Through the Growth Accelerator Fund Competition, 60 incubators and accelerators around the country won awards of $50,000 each. In all, the SBA is funding $3 million.

“I am proud to announce the winners of the 2019 Growth Accelerator Fund Competition,” Acting SBA Administrator Chris Pilkerton said in a statement. “Over the past five years, the competition has provided awards to innovative and promising accelerators and incubators. This year’s recipients, who will each receive an award of $50,000 from the SBA, are no exception.”

SBA Announces $3 million for 60 Growth Accelerator Fund competition recipients supporting Startups and STEM focused Entrepreneurs! For a complete list of winners: https://t.co/iEMnY7wJtG pic.twitter.com/Knk0yprZ8u

— SBA Connecticut (@SBA_Connecticut) September 25, 2019

These are the local programs receiving funding:

• Mtech Ventures, the incubator located on the campus of University of Maryland College Park offering space and training to entrepreneurs
• F3 Tech Accelerator, the Easton-based program focusing on providing support for startups working in “farm, food and fish”
• LifeBridge Health Accelerator Program, the program of the Baltimore-based healthcare provider’s innovation team
• FastForward, the program providing a group of resources to startups that’s run by Baltimore-based Johns Hopkins Technology Ventures

The awards are designed to function as operating capital for the programs. Accelerators that received awards from the SBA agreed to focus at least 60% of work related to the funding on helping entrepreneurs who are socially and economically disadvantaged, or living in an Opportunity Zone.