The Warehouse awarded $50K SBA grant to assist second-stage companies
Wednesday August 5, 2015 0 comments
LOVELAND -- The Warehouse business accelerator is one of four Colorado accelerators awarded $50,000 U.S. Small Business Administration grants as part of SBA’s Growth Accelerator Fund competition.
The other Colorado accelerators are MergeLane and Unreasonable Institute in Boulder and San Luis Valley Local Foods Coalition in Alamosa.
The SBA awarded 80 grants across the nation from a pool of more than 400 applicants.
The Warehouse, founded in 2013, currently serves six second-stage companies. The accelerator’s client focus is on second-stage, high-growth technical or manufacturing firms with $500,000 to $2.5 million in annual revenue.
The Warehouse’s SBA award selection follows recent news from NASA choosing the accelerator as its first Adopted Accelerator in the nation.
“This region ranks consistently high in its support of startups, but the area’s economic leaders are beginning to understand that when a firm reaches the second stage and begins to gain customers, the assistance has been lacking,” said Kelly Peters, The Warehouse’s executive director.
“The Warehouse is there to support the entrepreneur at this critical stage of scale-up. We are grateful that the federal resources are in place to see The Warehouse clients through their tenuous growth phase.”
SBA applications were judged by more than 40 experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector.
The purpose of the competition is to draw attention and funding to parts of the nation where there are gaps in the entrepreneurial ecosystem.