The U.S. Small Business Administration has announced the availability of new Regional Innovation Cluster (RIC) funding of up to $7.5 million to support domestic manufacturers. “Our new RIC funding and ongoing outreach serves small businesses with practical tools to reshore jobs and critical industries, reducing our reliance on foreign suppliers and protecting American strength and security,” SBA Administrator Kelly Loeffler stated in a press release. The new funding will support the formation of up to 20 new RICs to assist small businesses. The agency is currently seeking competitive proposals from organizations interested in starting new RICs, especially those supporting industries such as advanced manufacturing, critical minerals, nuclear microreactors and semiconductors. Learn more about the RIC Program by visiting the program page. The SBA launched the RIC Initiative in September 2010 to promote and support the development of clusters, which are geographically concentrated groups of interconnected businesses, suppliers, service providers and associated institutions in a particular industry or field across the country. Clusters act as a networking hub for small businesses, convening several resources to help navigate the funding, procurement, and supply-chain opportunities in a specific industry. They also assist businesses in matching cutting-edge technology to industry needs and increase the number of innovative small businesses and entrepreneurs in the nation’s supply chain.