The U.S. Small Business Administration (SBA) recently announced the establishment of two new federal advisory committees to accelerate support for start-ups driving 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 consist of members with a diverse set of perspectives and experiences, as well as occupational backgrounds, who will provide advice and recommendations to the SBA on policy and programs.
Focus on Innovation and Funding for Small Businesses
The IIEAC will have its main focus on innovation commercialization and lab-to-market translation with the aim of constructing a more equitable and inclusive federal innovation ecosystem.
The ICAC’s main focus will be on developing a more inclusive investment ecosystem, with domestic private funds providing capital to small businesses. It will have a big emphasis on access to patient investment capital and affordable private long-term loans.
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 big driving forces of America’s historic economic boom and will play key roles in our nation’s transition to stable and steady economic growth and prosperity.
“These new advisory committees will help us gain valuable insights into not only how the SBA can improve programs and policies to strengthen the innovation ecosystem across the nation, but also how the agency can better serve our customers while accelerating the flow of patient private and public capital to innovative startups and small businesses.”
SBA Nomination Applications
The SBA is seeking nominations for the committees from members of the public. The requirements for nominations to the IIEAC and the ICAC include being a current or former small business owner, a community leader, an official from a small business trade association or academic institution, or a member of the innovation or investment community.
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This article, “SBA Creates Advisory Committees to Increase Small Business Access to Capital” was first published on Small Business Trends