Long Beach Accelerator Offers New $500,000 Direct Equity Investments for Startups
LONG BEACH, Calif.–(BUSINESS WIRE)–The Long Beach Accelerator has announced a new program offering half a million dollars to returning and new cohort members in direct equity funding for hiring talent and investing in new other key business areas to accelerate growth. This investment program is exclusive to companies and alumni of the LBA cohort and is in addition to the initial investment of $100,000 when joining an LBA cohort.
The Sunstone LBA Hyper Growth Capital Program (LBA HGCP) is an economic development finance program that leverages the global network of investors and venture capital of LBA and its founding partner Sunstone Management, including program access Direct Investor Immigration.
The HGCP LBA goes beyond existing accelerators with this unique opportunity for startups with access to significant capital and intensely individualized quality strategic guidance delivered through LBA programming. All companies and alumni of the Long Beach Accelerator cohort 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 the unique and significant value of our accelerator for startups looking for a path to a explosive growth and allows us to compete with more established institutions in Silicon Valley.
“Sunstone and American Lending Center are committed to investing in America’s innovative ecosystem and creating a diverse and 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 Long Beach Accelerator
The Long Beach Accelerator is not your typical accelerator. It was created with the entrepreneur in mind with the full support of the city, private investors and the CSULB. Program participants have access to capital to support them through acceleration and expansion. Cohort members have real access to government to help them navigate the regulatory maze and provide resources and advice at all levels. They also have access to key academic and industrial partners and some of the largest markets in the world. The LBA is focused on providing exceptional vision and value to this ecosystem, as well as finding and supporting companies founded by diverse entrepreneurs.
About Sunstone Management
Sunstone Management, together with the Sunstone Venture Capital Fund, is a diversified private equity management and investment firm providing comprehensive wealth management solutions to high net worth clients worldwide. Sunstone proactively forges public-private partnerships with government agencies and industry-academia partnerships with nonprofit educational organizations to promote economic development. In particular, we champion the growth of the local innovative ecosystem. In addition to its broad commitment to financial services, Sunstone also excels in leading business development projects in emerging sectors to support community development and economic recovery under COVID-19.
About the American Lending Center
American Lending Center (ALC) is a private, non-bank lending institution and a nationally recognized leader in small business lending. Between 2009 and 2020, ALC offered strategically structured senior loan products to more than 80 qualified SBA 504 projects in 19 states, contributing to a combined construction and business expansion budget of over $1 billion. In those pre-COVID years, ALC’s lending practice successfully created over 12,000 new jobs nationwide. ALC is one of the few non-bank institutions so designated to provide immediate financial assistance to small businesses in difficulty. We approved PPP loans to nearly 30,000 eligible small business borrowers in all 50 states and Washington DC at the end of May when the PPP program ended.