SBA increases efforts for funding startups

 The SBA is increasing its efforts to ensure that startups have access to the funding they need to speed up technological advancements in artificial intelligence


The SBA increases efforts to guarantee funding for AI startups


Startups

SBA increases efforts

The SBA is increasing its efforts to ensure that startups have access to the funding they need to speed up technological advancements in artificial intelligence.

The Small Business Administration (SBA) is intensifying its efforts to guarantee that startups have access to the funding they require to hasten technological advancements in artificial intelligence, particularly in areas of national security.

As part of a "customer-centric" makeover at the agency, Bailey DeVries, head of the SBA's Office of Investment and Innovation, said the organization is quickening efforts to promote small businesses that are pushing the boundaries of AI research.

Following the recent failure of longtime private equity supporters, like Silicon Valley Bank, DeVries claimed that many businesses and innovation hubs are currently having difficulty securing the same level of access to finance they saw in recent years.

In April, the SBA unveiled a proposed rule that would change the affiliation and lending requirements for SBA company loan programs, including its 504 Loan program and 7A Working Capital Loan program. In May, the regulation became effective.

According to DeVries, a long-standing rule prevents small businesses that have already received private equity capital from applying for SBA funding.

The Small Business Investment Company Critical Technologies Initiative was introduced in March by the SBA and the Defense Department to significantly accelerate federal investments in AI. The program is a cooperative effort to increase corporate and DoD funding for cutting-edge technology, including AI.

The Biden administration's broader focus on "building trust and responsible development" of AI in and out of government, according to DeVries, is built upon by the SBA's emphasis on accelerating funding for AI research.

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