AFC celebrates SBA’s commitment to fostering entrepreneurial growth and innovation in underserved communities and critical industries

Washington, D.C.(January 9, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today announced its support for the U.S. Small Business Administration’s (SBA) 2025 Growth Accelerator Fund Competition (GAFC). The program aims to strengthen entrepreneurial support organizations (ESOs) and drive innovation in underserved regions and industries by providing up to $9 million in awards, offering $75,000 to $150,000 to ESOs addressing critical challenges in their innovation ecosystems. 

“The SBA’s Growth Accelerator Fund Competition represents an important step in building an inclusive, resilient, and globally competitive financial system,” said Phil Goldfeder, CEO of the American Fintech Council. “This initiative will empower entrepreneurial support organizations to address systemic challenges and expand opportunities for under served communities. AFC commends SBA for advancing this program amid its efforts to foster innovation and create pathways for equitable economic growth.”

AFC members have long advocated for initiatives that enhance access to capital and encourage collaboration within the financial system. AFC is particularly encouraged by the SBA’s emphasis on improving investment access and literacy for entrepreneurs, as well as creating new funding mechanisms for small businesses.

“The fintech industry thrives on innovation and collaboration, and the Growth Accelerator Fund Competition embodies those principles,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “This program offers a unique opportunity to address pressing challenges and build stronger, more inclusive innovation ecosystems across the country.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology(fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.