October 31, 2020

SBA Awards Up to $3 Million in Grants to Organizations Supporting Small Business Innovation …

Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Washington, Sept. 18, 2020 (GLOBE NEWSWIRE) — The U.S. Small Business Administration granted 24 awards up to $125,000 each for specialized training, mentoring, and technical assistance for R&D-focused small businesses under the Federal and State Technology (FAST) Partnership Program administered by the SBA’s Office of Innovation and Technology. FAST seeks to improve outcomes in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs for underserved communities by increasing participation from women-owned, rural-based, and socially economically disadvantaged small businesses.  

“Our FAST partners address the unique needs of next-generation, high-tech small businesses. The program supports innovative entrepreneurs from underserved communities by helping them start and grow—a primary mission for SBA,” said SBA Administrator Jovita Carranza.  “Programs like FAST are more critical than ever as the SBA is laser-focused on helping small businesses recover and once again propel the national economy forward. The SBIR and STTR funding can be the early seed capital to jumpstart companies today and make them successful in the future.  Some of our nation’s leading technology firms got their start with SBIR funding, and FAST is helping expand those opportunities to other entrepreneurs.”

The FAST Partnership Program provides one-year of funding to organizations that team up with others in their state to help build the innovation ecosystem that is key to helping grow the tech economy in that state. Current law only allows one proposal per state and territory. Candidates are endorsed by their state and territorial governors.  Proposals are evaluated by panels of reviewers from SBA and the SBIR participating agencies. Varying levels of matching funds are required, based on the number of SBIR Phase I awards in each state.

Recipients this year cover a wide geographic area and include state and local economic development entities, Small Business Technology Development Centers, Women’s Business Centers, Procurement Technical Assistance Centers, incubators, accelerators, colleges, and universities. All entities will provide support to small businesses developing high-risk technologies. 

The FAST grantees are as follows:

                                            Awardees – 20/21 Cohort

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Tiffani Clements United States Small Business Administration 202-401-0035 Tiffani.Clements@sba.gov

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