SBA creates advisory committees to increase small business access to capital

The US Small Business Administration (SBA) recently announced the creation of two new federal advisory committees to accelerate support for start-ups 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 Advisory Committee on Inventions, Innovation and Entrepreneurship (IIEAC) and the Advisory Committee on Investment Capital (ICAC). Both committees will be composed of members with diverse perspectives and experiences, as well as professional backgrounds, who will provide advice and recommendations to the SBA on policies and programs.

Focus on innovation and financing for small businesses

The IIEAC will focus on the commercialization of innovation and lab-to-market translation with the aim of building a fairer and more inclusive federal innovation ecosystem.

The main focus of the ICAC will be on developing a more inclusive investment ecosystem, with domestic private funds providing capital to small businesses. It will place great emphasis on access to patient investment capital and affordable long-term private borrowing.

Driving Forces of America’s 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 country’s transition to stable and steady economic growth and prosperity .

“These new advisory committees will help us gain valuable insights not only into how the SBA can improve programs and policies to strengthen the innovation ecosystem across the country, but also how the agency can better serve our clients while accelerate the flow of private and public patients.” capital to innovative startups and small businesses.”

Applications for SBA nominations

The SBA is seeking nominations for committees from members of the public. The 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 a member of the innovation or investment community.

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