WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) recently joined a bipartisan group of her Senate colleagues to reintroduce legislation that would improve underserved states’ ability to successfully compete for Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards.
The FAST Fix Act, authored by U.S. Senator Jim Risch (R-Idaho), would reform the Small Business Administration’s (SBA) Federal and State Technology (FAST) Partnership Program to encourage federal research and development grants to be awarded to small businesses and universities in states that have historically lacked SBIR and STTR awards. If enacted, this bill would encourage more awards to commercialize ideas, compete in the global marketplace, and create local jobs.
“It’s important underserved areas like those in West Virginia are not left behind when it comes to federal grant funding for small businesses and universities,” Senator Capito said. “Investing in our local communities will bring more jobs, and these grants can serve as a catalyst for economic growth. The FAST Fix Act would do away with the one-size-fits-all bureaucratic process, and help SBA better fulfill its mission of serving community employers and workers.”
BACKGROUND:
The FAST Partnership Program provides one-year funding to organizations to develop SBIR/STTR outreach and training programs to help facilitate more awards in their state. Special consideration is intended for entities in states that have historically lacked awards. However, under the one-size-fits-all application process, all applicants are equally considered for the FAST program regardless of SBIR/STTR award history. As a result, the program is not penetrating the very states it’s intended to serve.
The FAST Fix Act would increase competition for FAST grants in each state and give priority to applicants located in historically underperforming states to encourage more SBIR/STTR awards are distributed to underserved areas.
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