San Diego-based accelerator Hera Labs will get $50,000 from the U.S. Small Business Administration (SBA), the agency said.
The SBA announced it will give a total of $850,000 to 17 new winners of the agency’s third annual Growth Accelerator Fund Competition.
The 17 winners – Hera Labs was the only San Diego accelerator selected – brings the total number of accelerators to get Fund Competition grants from the SBA to 85 in 37 states and D.C.
Hera Labs, an accelerator for women, is the business development arm of Hera Hub, a coworking space for women entrepreneurs with three locations in San Diego, one in the District of Columbia and one in Sweden.
Each winning organization will get $50,000 cash to boost its economic impact. So far, $4.25 million has been awarded, including the money going to the latest round of winners, the agency said.
One other California-based accelerator will also receive $50,000: Urban Workshop, in the Orange County city of Costa Mesa.
Accelerators that accept the funds agree to report quarterly for one year on metrics including jobs created, funds raised, startups launched and corporate sponsorships signed.
"The accelerator and incubator platforms across our nation are having a huge positive impact on business initiations, incubations and outcomes," said Mark Walsh, associate administrator for the SBA’s Office of Investment and Innovation.