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SBA awards $90K grant to Puerto Rico SBTDC to help underserved communities

The U.S. Small Business Administration bestowed a $90,297 grant to the Puerto Rico Small Business and Technology Development Centers to fund specialized training, mentoring, and technical assistance for research and development-focused small businesses under the Federal and State Technology (FAST) Partnership Program

“We’re pleased that Puerto Rico SBTDC has been selected to receive a Fiscal ’22 FAST award. FAST grants are an important tool to continue supporting high-growth and STEM companies in Puerto Rico,” said SBA Puerto Rico & US Virgin Islands District Director, Josué E. Rivera.

“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,” he said.

“We appreciate the government of Puerto Rico’s Department of Economic Development and Commerce for their partnership in making this grant possible,” Rivera added, pointing to about $3.2 million in federal SBIR/STTR awards over the past two years to Puerto Rico.

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 periods are for a 12-month period.

“The investment that SBA is providing through the FAST Program will be fundamental to reach a broader sector of Puerto Rico by increasing the number of entrepreneurs with the potential to launch innovative products and services,” said CPA Ricardo Martinez, executive director of the Puerto Rico SBTDC.

“This FAST grant will provide specialized training and technical assistance to entrepreneurs to improve their competitiveness and access to more SBIR/STTR funds. Moreover, it will increase the commercialization of new businesses on the island,” he said.

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

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