EDA i6 Challenge

The i6 Challenge is a new $12 million innovation competition administered by the Economic Development Administration (EDA) of the U.S. Department of Commerce, in partnership with the National Institutes of Health (NIH) and National Science Foundation (NSF). EDA will award up to $1 million to each of six winning teams with the most innovative ideas to drive technology commercialization and entrepreneurship in their regions. NIH and NSF will award a total of up to $6 million in supplemental funding to their SBIR grantees that are associated or partnered with the winning teams. We encourage entrepreneurs, investors, universities, foundations, and non-profits to participate in the i6 Challenge. The deadline for applications is July 15, 2010. For more information, email i6@doc.gov, check out our Frequently Asked Questions, and join the upcoming i6 Challenge conference call in June.

New rural small businesses program

Agriculture Secretary Tom Vilsack and U.S. Small Business (SBA) Administrator Karen G. Mills have announced that the two agencies have signed an agreement to encourage sustainable growth and development of rural small businesses. The announcement was made during the National Summit of Rural America, which gathered agricultural leaders, farmers, ranchers, community leaders, and residents of rural communities to share their vision and ideas that can help rebuild and revitalize rural America.

The agreement between the SBA and USDA is designed to reach out to people and places in rural areas and small communities with underserved financial needs. Prospective small businesses owned by minorities, women and veterans also are expected to benefit from this joint effort to encourage sustainable growth and development. USDA Rural Development's Rural Business Service will provide loan guarantees, loans and grants; the Small Business Administration will provide loan guarantees.

The MOU will remain in effect for three years. Under the agreement, USDA Rural Development and SBA will use their respective resources to provide small businesses in rural areas with loan guarantees and technical assistance to help build diverse and sustainable economies, reverse population decline, create and sustain jobs, and improve quality of life. The agreement is expected to:

• Improve opportunities for small businesses to start and grow;

• Improve coordination in the delivery and development of programs; and

• Increase the number of small business loans guaranteed by USDA and SBA.

News Release