A new grant for financial technology startups offers entrepreneurs the chance to win $50,000 cash.

The grant will be awarded to one fintech company that completes a six-week business program sponsored by the Technology Association of Georgia. The first award will be given in fall 2014, according to TAG's Friday press release.

"This grant demonstrates our community's ongoing commitment to the financial technology industry," Atlanta Mayor Kasim Reed said in the release. "Providing guidance and assistance to entrepreneurs with innovative ideas is invaluable to our city and a vital component to strengthening our economy."

Sponsors of the grant include Elavon, Fiserv, PayScape and Sysnet.