The Small Business Administration has kicked off a competition in San Francisco to identify applicants for an incubation program for emerging companies, the Washington Post reported Tuesday.
J.D. Harrison writes that SBA Administrator Maria Contreras-Sweet wants to bring the Silicon Valley model to underserved markets throughout the U.S. with up to $50, 000 in grant money for each entity.
“We can’t be a stagnant department and say ‘this is the way we’ve always done it, so we must always do it that way, ’” Contreras-Sweet said, according to the report.
Javier Saade, associate administrator of the investment and innovation office at SBA, said the agency wants to open opportunities for candidates such as female entrepreneurs and early-stage manufacturers in need of counseling, mentorship and capital.
Grant recipients will undergo periodic reviews on milestones achieved to promote transparency and measure investment returns, the Post reported.
SBA has earmarked $2.5 million in total for the contest as part of the agency’s greater push to support businesses with potential to expand and open up jobs, according to the report.