McGovern Announces $50K in Small Business Funding for Mass. Biomedical Initiatives in Worcester
WORCESTER, MA – Today Congressman Jim McGovern (MA-02) announced a $50,000 award from the U.S. Small Business Administration (SBA) to Massachusetts Biomedical Initiatives (MBI) in Worcester. The federal funding is part of $3.4 million awarded nationwide to support small business startups and MBI is one of 68 small businesses across the country to receive the award. The award is through the SBA’s third annual Growth Accelerator Fund Competition and is aimed at helping small businesses like MBI grow. Click here for more information.
“Small businesses are the heart and soul of our economy and we need to do all we can to help them grow and succeed. I am grateful to the SBA for this smart investment in our community and know that it will help to give entrepreneurs in Worcester and across Central Massachusetts the resources and support they need,” Congressman McGovern said.
Congressman McGovern was joined today by leaders from MBI and the local business community.
Massachusetts Biomedical Initiatives is a life and health science incubator with four locations in the City of Worcester. MBI is currently home to 25 startup life and health science companies working on an array of healthcare related causes including cancer, diabetes, and genetic disorders.
The purpose of the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem. While there are entrepreneurial activities occurring nationwide, some are better supported by private sector ecosystems than others. SBA has created connective tissue among the over 200 winning entrepreneurial ecosystems now part of the Growth Accelerator Fund Competition program.
Applications were judged by more than 100 experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector. The first panel of judges reviewed over 400 applications and presentations and established a pool of 200 highly qualified finalists. The second panels evaluated the finalists’ presentations and pitch videos and selected the 68 winners.