Important Funding Incentive for Innovative Entrepreneurs
Press Release
SALT LAKE CITY – The U.S. Small Business Administration recently 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 is looking for 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.
“These clusters will build networking hubs to maximize their resources, so they can compete on a larger scale and have the potential to create and grow business startups throughout Utah,” said Utah District Director Marla Trollan. “They will expand their technology infrastructure, promote business acceleration and foster innovation.”
“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.