The American Fintech Council (AFC) has announced its support for the U.S. Small Business Administration's (SBA) 2025 Growth Accelerator Fund Competition (GAFC). The initiative aims to bolster entrepreneurial support organizations and stimulate innovation in underserved areas and industries, with up to $9 million available in awards ranging from $75,000 to $150,000.
Phil Goldfeder, CEO of the AFC, stated, "The SBA’s Growth Accelerator Fund Competition represents an important step in building an inclusive, resilient, and globally competitive financial system." He emphasized that the program will empower organizations to tackle systemic challenges and expand opportunities for underserved communities.
AFC members have consistently supported initiatives that enhance access to capital and promote collaboration within the financial sector. The organization is particularly encouraged by the SBA's focus on improving investment access and literacy for entrepreneurs and creating new funding mechanisms for small businesses.
Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC, remarked, "The fintech industry thrives on innovation and collaboration, and the Growth Accelerator Fund Competition embodies those principles." He noted that this program presents a unique opportunity to address significant challenges while building stronger innovation ecosystems nationwide.
As a standards-based organization representing major fintech companies and innovative banks offering embedded finance solutions, AFC promotes a transparent and inclusive financial system. Its mission includes supporting responsible innovation in financial services while fostering competition in consumer finance to better serve underserved segments.