Isabel Casillas Guzman, Administrator of the U.S. Small Business Administration (SBA), announced on April 23, 2024, the inaugural winners of the 2024 Growth Accelerator Fund Competition (GAFC). Each winner received $50,000 for pioneering inclusive small business growth initiatives.
A diverse range of small businesses, from technology and healthcare startups to retail and manufacturing, received awards. They were evaluated based on strategy, scalability, job creation potential, and community impact.
The rewards didn’t stop at cash prizes but extended to networking opportunities, mentorship, and access to additional capital. The SBA believes this significant support will promote job creation and spark economic prosperity, especially in underserved markets.
Furthermore, the SBA intends to make the GAFC an annual event to consistently support innovative and inclusive small businesses. Guzman looks forward to how these businesses will flourish and enrich their communities.
The GAFC competition not only salutes innovative spirit but also significantly contributes to the robustness of the national economy.
Highlights of inaugural GAFC small business awards
It recognizes those who enable diverse entrepreneurs to seize growth opportunities and drive economic vitality in their communities.
The winners also include organizations focused on building ecosystems, assimilating fresh minds, strengthening stakeholder connections, and proposing strategies aligning with GAFC Theme Areas. They also aim to foster an environment conducive to technological innovation and scientific research.
Interestingly, GAFC Partnerships stand a chance to earn additional cash prizes between $50,000 and $150,000 in the competition’s second phase, set up to help entrepreneurs transit their R&D activities into profit-making ventures. Entries for this stage open in June, with winners announced by September.
Bailey DeVries, Associate Administrator for SBA’s Office of Investment and Innovation, pointed out the competition’s crucial role in establishing support networks and enhancing the nation’s innovation ecosystem. Essentially, the SBA initiative empowers small businesses and spurs development in underresourced markets.
Since its inception in 2014, the GAFC awarded over $26 million to 314 recipients across U.S. states and territories. This year’s winners include entities from 41 U.S. states and territories, including first-time recipients, highlighting GAFC’s firm commitment to diversity and inclusivity.
