Mass. Biomedical Initiatives to get $50K from SBA

Massachusetts Biomedical Initiatives in Worcester will receive a $50,000 grant from the U.S. Small Business Administration as a result of an accelerator fund competition.

The SBA will award $50,000 to the accelerator, and in return, the company will be responsible for providing the SBA with information including jobs created, funds raised, startups launched and corporate sponsors obtained, quarterly for a year. The purpose of the competition was to bring attention and funding to parts of the country where gaps in the entrepreneurial ecosystem exist, according to the SBA.

MBI was one of three Massachusetts accelerators to receive funds through the competition; the other two are Entrepreneurship for All in Lowell and North Shore InnoVentures Inc. in Beverly, both of which received $50,000 each.