Florence, South Carolina – For generations, America’s smallest businesses have helped turn local ideas into livelihoods, products and jobs. Now, entrepreneurs from across the country will have an opportunity to place their work on a national stage through a new competition organized by the U.S. Small Business Administration.
The SBA has launched the Patriot Pitch Competition, a nationwide contest created to recognize small businesses that are building, expanding and contributing to their communities.
The program is tied to the celebration of 250 years of American free enterprise and will ultimately bring selected business owners to Washington, D.C., for a live pitch competition with a $1 million cash prize pool at stake.
Read also: City asks Florence customers to cut outdoor water use before summer demand rises
Funded by Clover Network, Inc., the prize pool will be distributed among five winning businesses. First place will receive $400,000, followed by $250,000 for second place, $150,000 for third place, $125,000 for fourth place and $75,000 for fifth place.
The competition is open to eligible small businesses that demonstrate the promise of American innovation and opportunity and have used qualifying SBA capital products.
Applicants will move through four stages of judging, with submissions evaluated on several key measures: their ability to strengthen American competitiveness, innovate and make an outsized impact within an industry, deliver economic opportunity and quality jobs, and show strong business fundamentals and readiness to execute.
“From the family farm to the factory floor, small businesses have punched above their weight for the last 250 years to power America’s economy, which is why the SBA is proud to spotlight the legacy and potential of entrepreneurship through the Patriot Pitch Competition,” SBA Administrator Kelly Loeffler said.
“This nationwide contest will award a total of $1 million in cash prizes to small businesses whose innovation, grit and leadership are helping build America’s next great era of strength, prosperity, and competitiveness on the world stage,” Loeffler added.
“We look forward to demonstrating how small business is big business for our nation – and to highlighting the resilient job creators and local businesses who are delivering the services, products, and solutions that are defining America’s future.”
Read also: United Way of Florence County launches redesigned website shaped in part by FMU students
Clover’s support places a major financial reward behind that mission, offering finalists not only recognition, but meaningful capital that could help a growing business take its next step.
“The Clover team couldn’t be prouder to support SBA’s Patriot Pitch event. This competition truly embodies the spirit of innovation, fierce competition, and American ingenuity – the very same values that define Clover,” said Takis Georgakopoulos, Fiserv Co-President.
The competition will reach its final stage during a one-day event in Washington, D.C., scheduled for September. Top finalists will present their businesses live before a panel of notable judges and a national audience, competing for a share of the prize money and broader national exposure.
Read also: MUSC surgeons to meet residents during community robotics event in Florence
The finals will extend beyond the pitch presentations. According to the SBA, the event will also include speakers from business, government and industry, along with a supplier matchmaking expo designed to connect small businesses with larger companies and contracting opportunities. Finalists and participants will also have opportunities to network with investors, industry leaders and policymakers.
For business owners, the first major date is approaching quickly. Applications must be submitted by June 10. Eligibility requirements, competition stages and additional event details are available at https://www.sba.gov/freedom250.
The SBA serves as the federal government’s leading voice for small businesses, providing resources and support to help entrepreneurs start, grow, expand or recover after a declared disaster. Through the Patriot Pitch Competition, the agency is placing a spotlight on businesses that are not only pursuing growth, but helping shape the country’s economic future.
