The U.S. Small Business Administration (SBA) has granted $50,000 to three Louisiana accelerators through the 2016 Growth Accelerator Fund Competition.
Technology business incubator the New Orleans BioInnovation Center was the first to be granted the funds two months ago. Now, Shreveport-based Cohab and New Orleans-based Propeller have also been awarded funds. The total number of accelerators in the class of 2016 is now 85.
“The accelerator and incubator platforms across our nation are having a huge positive impact on business initiations, incubations and outcomes. We are proud of our 85 winners and know that these awards will be put to good use,” said Mark Walsh, SBA Associate Administrator for Investment and Innovation.
The competition aims to bring attention and provide funding to areas of the country where there are gaps in the entrepreneurial ecosystem
Each of the 85 recipients will send quarterly reports to the SBA for one year, including jobs created, funds raised, startups launched, and corporate sponsors obtained.