The U.S. Small Business Administration (SBA) recently announced the establishment of two new federal advisory committees to accelerate support for startups that drive critical innovation while increasing small businesses’ access to patient capital.
SBA Creates Advisory Committees to Increase Small Business Access to Capital
The new federal advisory committees are the Invention, Innovation and Entrepreneurship Advisory Committee (IIEAC) and the Investment Capital Advisory Committee (ICAC). Both committees will be comprised of members with a diverse set of perspectives and experiences, as well as professional backgrounds, who will provide advice and recommendations to the SBA on policies and programs.
Focused on innovation and financing for small businesses
The IIEAC will have as its primary objective the commercialization of innovation and translation from the laboratory to the market with the goal of building a more equitable and inclusive federal innovation ecosystem.
ICAC’s main focus will be to develop a more inclusive investment ecosystem, with domestic private funds providing capital to small businesses. It will have a strong emphasis on access to patient investment capital and affordable long-term private loans.
Driving forces of the US economic boom
Speaking about the new committees, SBA Administrator Isabella Casillas Guzman said, “The Biden-Harris administration recognizes that innovation and entrepreneurship are major drivers of America’s historic economic boom and will play a key role in our nation’s transition to stable and constant economic growth and prosperity.
“These new advisory committees will help us gain valuable insights not only about how SBA can improve programs and policies to strengthen the innovation ecosystem across the country, but also how the agency can better serve our customers while accelerating the flow of public and private patients. capital for innovative startups and small businesses.”
Applications for nomination to the SBA
The SBA is seeking nominations for public member committees. Requirements for nominations to the IIEAC and ICAC include being a current or former small business owner, community leader, officer of a small business trade association or academic institution, or member of the innovation community or investment
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