CHARLESTON, W.Va. – U.S. Senator Shelley Moore Capito (R-W.Va.) recently joined her colleagues to introduce the FAST Fix Act. The legislation would create greater opportunities for small businesses in underserved states to gain access to Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards.
The SBIR and STTR programs are competitive grant programs administered by the Small Business Administration (SBA). Specifically, the grants are intended to bolster small businesses’ research and development (R&D). The Fast Fix Act would require the SBA to prioritize applications from states who have historically received the fewest SBIR and STTR Phase 1 awards. Federal agencies who have R&D funding above a certain threshold must allocate 3.2% and 0.45% to the SBIR and SBTTR programs, respectively.
“Small businesses are truly the backbone of West Virginia’s economy, which is why we need to do what we can to support them,” Senator Capito said. “The FAST Fix Act would make important changes to the FAST grants program and application process to give small businesses in historically underserved states—like West Virginia—a better chance of receiving the federal funding to accelerate research and development. By doing away with the one-size-fits-all process, this bipartisan legislation will help SBA better fulfill its mission of serving community businesses and catalyzing economic growth.”
Learn more about the SBIR program here.
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