Supporting programs for innovative, technology-driven small businesses under SBA’s Federal and State Technology (FAST) partnership program, the U.S. Small Business Administration has granted 20 awards, of $95,000 per award, for Fiscal 2013 to 20 state and local economic development agencies, business development centers, and colleges and universities.
The list of recipients included the Inter American University of Puerto Rico’s Small Business Development Company, the SBA said in a release.
The FAST Program is designed to stimulate economic development among small, high technology businesses through federally funded innovation and research and development programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer. The project and budget periods are for 12 months, starting Oct. 1, the agency said.
“The FAST program is an important catalyst for helping America’s cutting-edge entrepreneurs continue to drive innovation and create good jobs,” said Karen G. Mills, SBA Administrator. “The partnerships developed through these programs will play a critical role in helping high-growth potential small firms take those next steps to help drive our local economies.”
FAST pays for outreach and technical assistance to science and technology-driven small businesses, placing particular emphasis on helping socially and economically disadvantaged firms.
This year’s FAST funding awardees demonstrated how they will help support areas such as: small business research and development assistance, technology transfer from universities to small businesses, technological diffusion of innovation benefiting small businesses, proposal development and mentoring for small businesses applying for SBIR grants, and, commercializing technology developed through SBIR grants.