WASHINGTON, D.C. — Five small businesses will compete in Washington, D.C., on Sept. 18 for a share of $1 million in prize funding after advancing to the final round of the U.S. Small Business Administration’s Freedom 250 Patriot Pitch Competition, an initiative designed to spotlight companies that have used SBA-backed financing to expand operations and create jobs.
The SBA identified the finalists last week after evaluating participants on business performance, innovation, economic impact, job creation, and execution readiness. The prize pool is funded by Clover Network Inc.
The finalists are:
- Compotech Inc. of Brewer, Maine
- Plas-Tech Tooling of Garner, Iowa
- Red River of Gillette, Wyoming
- VetPowered LLC of San Diego, California
- Winton Machine of Suwanee, Georgia
The finalists will present their businesses before a panel of judges and a live audience in the nation’s capital. The competition will award $400,000 to the first-place winner, followed by prizes of $250,000, $150,000, $125,000, and $75,000.
SBA Administrator Kelly Loeffler characterized the finalists as examples of small businesses that have expanded through innovation and entrepreneurship, adding that the competition highlights companies contributing to local economies and the nation’s industrial base.
The Freedom 250 Patriot Pitch Competition is part of the federal government’s activities commemorating the 250th anniversary of the United States. The program is open to U.S.-owned small businesses that have previously used SBA capital programs, including 7(a) loans, 504 loans, Microloans, or Small Business Innovation Research and Small Business Technology Transfer funding.
Eligible companies must have operated for at least three years, generate a minimum of $100,000 in annual gross revenue, and be fully U.S.-owned. According to the SBA, entries were judged on their ability to strengthen American competitiveness, demonstrate sound business fundamentals, generate economic impact, and scale operations.
Additional information about the competition is available at SBA.gov/freedom250.
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