PR Small Business Development Center gets $125K SBA grant
The Puerto Rico Small Business Development Center was selected to receive a grant of up to $125,000 from the U.S. Small Business Administration’s Federal and State Technology (FAST) Partnership Program, the federal agency announced.
Overall, the SBA announced more than $5.4 million in funding to 44 awardees through the FAST program that small businesses and startups, particularly those in underserved communities, with specialized training, mentoring, and technical assistance for research and development, SBA Administrator Isabella Casillas Guzman announced.
“When we enable equitable access to federal research funding, we empower more of our nation’s entrepreneurs and scientists to translate their cutting-edge ideas into commercial enterprises,” said Guzman. “This is why doubling our funding of FAST grants and expanding the network of awardees is so critical to building a stronger and more inclusive innovation economy that invests in all of our communities.”
Meanwhile, Region II Regional Administrator Marlene Cintron, who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico and the US Virgin Islands, said “we are looking forward to continuing to work with … the Puerto Rico Small Business Development Center in supporting local small businesses with the resources needed to thrive, especially during this period of economic recovery.”
“FAST partners fill an important role in assisting SBA in ramping up its efforts to help build America’s next great economy by increasing the number of Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Program awards through outreach, technical and business assistance and financial support to women, socially/economically disadvantaged individuals, and small businesses in underrepresented areas.”
FAST’s objective is to strengthen the competitiveness of small businesses and startups across the country, particularly those from underserved communities to help them benefit from the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. Through FAST, the SBA continues to play a critical role in creating inclusive entrepreneurial ecosystems and helping American entrepreneurs grow their networks and revenue opportunities with new capital, a priority of Administrator Guzman.
“Puerto Rico has very innovative small businesses and we seek to bolster their development,” said the District Director of Puerto Rico and USVI, Josué E. Rivera.
“I encourage small businesses seeking to advance their technological inventions and compete for federal research and developmental awards to reach out to our SBA resource partners and one of this year’s FAST Partnership Program awardees the Puerto Rico Small Business Development Center,” he said.
The FAST program provides awards for a base period of 12 months, plus four optional continuation periods of 12 months each.