US to invest $250M in startup that helps cancer patients access medicines
Reuters / Associated Press / Reuters The US is to invest up to $250 million in an early stage fund to help small business owners access medicines, the White House said on Monday.
The White House announced a $1 billion funding round led by the Bill & Accel fund, a venture capital firm based in New York, to help companies get their start.
It will be used to fund small businesses in sectors such as education, healthcare, retail, finance, and technology.US President Donald Trump is keen to boost economic growth by providing tax relief and tax incentives to small businesses, especially in industries that are facing challenges such as job losses.
The president said in May he planned to provide tax relief of as much as $4,000 to small business.
The Bill &s; Acct fund is also investing in other sectors including health care, energy, infrastructure, education and science.
The funding will be applied to the fund’s assets in the US, and the fund itself will be managed by a team of about 100 people from across the US.
The fund will have the capacity to invest in $250 billion in new investments in the next five years, according to the White Street Journal.