U.S. Secretary of Commerce Wilbur Ross on Tuesday announced that the federal government will invest $23 million in spurring and expanding high-growth entrepreneurship in the U.S.
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The money will go toward 44 organizations, including non-profits, institutions of higher education and entrepreneurship-focused organizations, and will be spread across 28 states and two territories in order to “increase access to capital for communities across America.” Plus, the organizations that receive the funding will also get an additional $26 million in matching funds from a variety of private and public companies.
The grants are made annually as part of the Economic Development Administration’s Regional Innovation Strategies competition.
“These projects will spark innovation across the country and will build on the beneficial environment the Trump Administration is creating for American businesses,” Ross said in a statement.
The winners were selected from a pool of 183 applications, according to a Commerce Department news release, and range from organizations increasing capital for social entrepreneurs in Washington, D.C., to a space technology commercialization project led by a Hawaii-based company.