SBA Announces New Regional Innovation Cluster Award Opportunities
Important Funding Incentive for Innovative Entrepreneurs
WASHINGTON – The U.S. Small Business Administration announced new funding opportunities for the 2020-2021 Regional Innovation Clusters (RIC) initiative. RIC are geographically concentrated groups of interconnected businesses, suppliers, service providers, and related institutions in an industry that drive innovation, job creation, and grow the economy.
“The SBA is excited to continue building on the ongoing success of the RIC program which allows us to harness the power of innovation and continue strengthening our nation’s leadership in emerging markets,” said SBA Administrator Jovita Carranza. “The RIC initiative has had an enormous impact throughout the country, and it will continue to create supportive, collaborative environments for small business owners throughout America where they are needed the most.”
SBA anticipates funding up to five new RICs and seeks applicants from across the country. The funding announcement is focused on providing further assistance to small businesses to fully participate in purposeful, strategic, and focused economic development as defined by regional priorities. The clusters work together as networking hubs to maximize their resources, allowing them to compete on a larger scale. These new clusters will attract, create and grow new business startups throughout several regions of America, expanding the connectivity of technology and promoting business formation while fostering innovation, commercialization, business acceleration, mentorship, and sustainability.
“During these challenging times, SBA remains determined to support and enable entrepreneurs who will boost local economies by awarding and expanding new RICs to unlock the potential of these innovative small businesses. This impactful initiative will continue to create jobs and opportunities for all Americans,” said SBA Associate Administrator for the Office of Entrepreneurial Development Allen Gutierrez.
The goal is for SBA to conduct significant and targeted outreach, recruit new clusters by partnering with government entities, economic development organizations, universities, and other entrepreneur ecosystem participants. For more details regarding this funding opportunity, please visit www.SAM.gov under SBA’s list of Requests for Proposals.
To learn more, get contact information, or to obtain a complete list of SBA Regional Innovation Clusters, go to www.sba.gov/local-assistance.