The U.S. Small Business Administration is inviting managers of early stage investment funds to apply for SBA-guaranteed funding of up to $50 million.
Recipients must apply and qualify for licensing as Early Stage Innovation Funds, and they must commit at least 50 percent of their investment dollars to early stage small businesses, said SBA Administrator Karen Mills in a news release.
“Early stage small businesses face difficult challenges accessing capital,” Mills said. “At the same time, in this financial climate, venture capital funds are finding it difficult to raise money from institutional investors. By licensing and providing SBA financial backing to Early Stage Innovation Funds, we hope to expand entrepreneurs’ access to capital and encourage innovation as part of President Obama’s Startup America Initiative, launched last year.”
To read the full, original article click on this link: SBA to provide matching dollars for seed funds - New Mexico Business Weekly
