LONG BEACH, Calif.--(BUSINESS WIRE)--The Long Beach Accelerator has announced a new program offering half a million dollars to previous and incoming cohort members in direct equity funding for hiring talent and investment in other core business areas to accelerate growth. This capital program is exclusive to LBA cohort companies and alumni and is in addition to the $100,000 initial investment upon joining an LBA cohort.
The Sunstone LBA Hyper Growth Capital Program (LBA HGCP) is an economic development financing program that takes advantage of LBA and founding partner Sunstone Management’s global network of investors and venture capital, including access to the direct immigrant investor program.
The LBA HGCP goes above and beyond existing accelerators with this unique opportunity for startups with access to significant capital and intensely individualized, quality strategic advising provided through the LBA programming. All Long Beach Accelerator cohort companies and alumni will be eligible for the half million dollar direct equity investment.
Andrea White-Kjoss, Managing Director of LBA commented on the massive impact this will have on previous and incoming cohorts: “This investment demonstrates our accelerator’s unique and significant value to startups looking for a pathway to explosive growth and allows us to compete with more established Silicon Valley institutions.”
“Sunstone and American Lending Center are committed to investing in America's innovative ecosystem and creating a diverse, unique competitive startup culture. This new funding opportunity will allow us to exponentially accelerate startups and create jobs for Americans across the country,” added John Shen, Founder of Sunstone and ALC.
About the Long Beach Accelerator
The Long Beach Accelerator is not your typical accelerator. It was established with the entrepreneur in mind with full support from the city, private investors, and CSULB. Program participants have access to capital to support them through acceleration and expansion. Cohort members have real government access to help navigate through the regulatory maze and provide resources and guidance at every level. They also have access to key university and industry partners and some of the largest markets in the world. The LBA is focused on providing exceptional vision and value to this ecosystem, and in seeking out and supporting companies founded by diverse entrepreneurs.
Sunstone Management, with the Sunstone Venture Capital Fund, is a diversified private capital management and investment firm offering comprehensive wealth management solutions to high net worth clients worldwide. Sunstone proactively forges both public-private partnerships with government agencies and industry-academic partnerships with nonprofit educational organizations to promote economic development. In particular, we champion growth in the local innovative ecosystem. Aside from broad engagement in financial services, Sunstone also excels in leading commercial development projects in emerging sectors to support community development and economic recovery under COVID-19.
American Lending Center (ALC) is a private non-bank lending institution and nationally recognized leader in small business lending. Between 2009 and 2020, ALC offered strategically structured senior loan products to 80+ qualified SBA 504 projects in 19 states, contributing to a combined construction and business expansion budget of over one billion dollars. During these pre-COVID years, ALC’s lending practice has successfully created more than 12,000 new jobs nationwide. ALC is one of only a handful of nonbank institutions so designated to provide immediate financial relief to struggling small businesses. We have approved PPP loans to almost 30,000 eligible small business borrowers across all 50 states and Washington DC as of end of May when PPP program ended.