The U.S. Small Business Administration has named Charlotte’s QC FinTech and RevTech Labs at Packard Place among the winners of the second annual Growth Accelerator Fund Competition.
In a statement Tuesday, the SBA said the competition is intended to draw attention and funding to parts of the U.S. “where there are gaps in the entrepreneurial ecosystem.”
Each winner will receive a cash prize of $50,000 from the SBA and in receiving the funds, will commit to one year of quarterly reporting, which includes metrics like jobs created, funds raised, startups launched and corporate sponsors obtained, the SBA said.
QC FinTech and RevTech Labs are intensive incubator programs that help young tech companies refine their business models and connect with investors. The fourth class of the programs showcased their businesses for venture capitalists in Charlotte in May.
In the SBA’s competition, more than 40 experts reviewed over 400 applicants and presentations to select the 80 winners, which represent 39 states, the District of Columbia and Puerto Rico.
“My commitment is to make our resources available to 21st century entrepreneurs where they are, and these accelerators, also known as incubators and innovation hubs, are the gathering place for today’s innovators and disruptors,” said SBA Administrator Maria Contreras-Sweet.
The SBA discussed the Growth Accelerator program and other SBA programs at the White House Demo Day Tuesday. The other North Carolina winner was the First Flight Venture Center in the Research Triangle Park.
In addition to the winners, the SBA’s Office of Native American Affairs used the competition’s framework to award an additional $400,000 to businesses primarily dedicated to Native American entrepreneurs and small businesses.