Downtown Covington Business Accelerator Wins $50,000 from US SBA
Fifty business accelerators across the country were awarded a big grant from the United States Small Business Administration -- and one of them is Covington's UpTech.
The announcement was made Thursday by SBA Administrator Maria Contreras-Sweet. More than 800 accelerators applied to win part of the SBA's $2.5 million fund.
“We are so proud to be recognized for the impact we are making in our region,” said Amanda Greenwell, UpTech program director. “While our program is still young, to be counted in the first class of this new SBA fund validates what so many in our region already knew: that we can and we are building an economy of the future right here in Covington.”
The SBA competition was designed to invest in emerging and growing entrepreneurial ecosystems, and UpTech’s application was reviewed by a panel of experts in entrepreneurship, investing, and business plans from both the public and private sectors.
“UpTech exists to support and accelerate entrepreneurs’ big ideas,” said Tom Prewitt, chair of the UpTech Board of Directors. “As we look to continue nurturing local talent and attracting new talent to Northern Kentucky, we are thrilled to have a partner in the SBA, whose investment in UpTech will help us create jobs in the region.”
UpTech’s successful performance in this competition comes on the heels of other recent news, including the announcement of its third portfolio of seven startups and its fund’s pivot to serve as a lead investor for some program alumni. Its third class begins on Monday, September 8.
UpTech is Northern Kentucky’s tech accelerator that takes a customized approach with each startup it accepts. Founded in January 2012, it is a six-month residential program based in Covington, Kentucky.