Hoeven Helps Introduce Legislation to Boost Research & Development Grants for Small Businesses
WASHINGTON – Senator John Hoeven this week joined Senator Jim Risch (R-Idaho) in introducing legislation to assist small businesses in underserved states to gain access to Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards. This legislation, the FAST Fix Act, would provide outreach, financial support, and technical assistance to help businesses in rural areas more effectively compete for SBIR and STTR funding. At present, the current one-size-fits-all application process for SBIR and STTR awards requires all applicants to be equally considered, undermining the states the program is intended to serve.
“Small businesses are essential to our nation’s economy, and it’s vital that rural states are given a fair shot at receiving the SBIR and STTR funding intended for them,” said Senator Hoeven. “The FAST Fix Act does just that, supporting the creation of good-paying jobs in North Dakota, while building on our efforts to empower entrepreneurs and small businesses to get new innovations to market.”
“Small business research and development grants make a world of difference, yet several states, like Idaho, are underserved by the programs that administer them,” said Senator Risch. “With the FAST Fix Act, Congress can make commonsense changes to the program application process and ensure Idahoans have access to these grants.”
In addition to Hoeven and Risch, the legislation was introduced by Senators Catherine Cortez Masto (D-Nev.), Mike Crapo (R-Idaho), Shelley Moore Capito (R-W. Va.) and Jacky Rosen (D-Nev.).
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