Koffman Incubator awarded $50,000 in prize money for equitable access to entrepreneurship.

The U.S. Small Business Administration (SBA) has announced the Koffman Southern Tier Incubator as one of 44 Stage Two winners for the 2024 Growth Accelerator Fund Competition (GAFC).

The Koffman will receive a $50,000 cash prize for its work as a Growth Accelerator Partnership, supporting the launch, growth, and scale of STEM/R&D-focused small businesses in the domestic manufacturing and production sector through its Black Entrepreneur Network (BEN). BEN is a comprehensive ecosystem network designed to empower BIPOC and SEDI entrepreneurs by providing training, access to prototyping resources, financial literacy and business development opportunities. BEN also focuses on creating safe spaces for networking, fostering innovation, and advancing industries such as battery storage and clean energy.

“We are thrilled to receive this recognition and support from the SBA,” said Bandhana Katoch, executive director of the Koffman Southern Tier Incubator. “The funding will enable us to continue expanding the Black Entrepreneur Network, providing critical resources and opportunities to underserved communities in our region and beyond.”

The 2024 Growth Accelerator Fund Competition catalyzes strategic innovation ecosystem building across the country. Over the last decade, the SBA has awarded more than $33 million in prizes to winners throughout the United States and its territories. Stage Two prizes enhance support for Growth Accelerator Partnerships, which play a crucial role in helping startups and small businesses scale, contributing to the nation’s economic growth. These partnerships span public, private, nonprofit, and academic institutions, fostering collaboration across industries and geographies.

For more information on the 2024 GAFC and Stage One and Two winners, visit the SBA’s public directory.