The Maine Center for Entrepreneurial Development received a $50,000 cash award to help develop its resources and training for entrepreneurs.

The award was made Tuesday by the U.S. Small Business Administration as part of its Growth Accelerator Fund competition. The accelerators represent a broad set of industries and sectors from manufacturing to tech startups to farming with a diversified range of demographic groups, according to a release from the SBA.

“MCED is very grateful for this SBA Accelerator Award, which will allow us to expand our intensive entrepreneurship training programs and mentoring into underserved rural communities,” said Thomas Rainey, executive director, in the release. “These funds will leverage our resources, enabling us to serve more companies in Maine, and further diversify local economies in regions where there is growing demand.”

By accepting these funds, the accelerators commit to report metrics on jobs created, funds raised, startups launched and corporate sponsors obtained among other information.

Winners were selected through a two-tier review panel process with experts in entrepreneurship, investing and business plans both inside and out of the federal government. Judges reviewed the applications and pitch videos submitted by the finalists.

filed under: