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SBA to award grants to support R&D, small biz innovation

Author Yvette T. Collazo, district director for the SBA in Puerto Rico.

Author Yvette T. Collazo, district director for the SBA in Puerto Rico.

The U.S. Small Business Administration announced Thursday it will award grants to state and local economic development agencies, business development centers, colleges and universities to support programs for innovative, technology-driven small businesses under SBA’s Federal and State Technology (FAST) partnership program.  Applications for the grants are open through April 11.

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 (STTR). The project and budget are for a 12-month period.

“We urge economic and business development organizations in Puerto Rico and the U.S. Virgin Islands to submit proposals under the FAST partnership program to continue supporting high-growth companies in the territory,” said SBA District Director Yvette T. Collazo. “The number of talented, technology-driven firms in our district is extraordinary and we aim to provide them with the assistance they need to accomplish their goals.”

FAST may provide up to $100,000 per award to pay for outreach and technical assistance to science and technology-driven small businesses. The program places particular emphasis on helping socially and economically disadvantaged firms compete in the SBA’s SBIR and STTR programs.

FAST funding awardees must demonstrate in their proposals 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.

Proposals will be considered from all 50 states, the District of Columbia and U.S. territories, including Puerto Rico. However, only one proposal per state may be submitted through http://www.grants.gov by the aforementioned deadline.

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This story was written by our staff based on a press release.

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