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(Washington D.C.)- Congresswoman Grace F. Napolitano (CA-38) voted today in favor of H.R. 2965, the Enhancing Small Business Innovation and Research Act. This bill modernizes the Small Business Administration’s research and development programs. The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs help launch 1,500 new firms a year, and the new legislation seeks to improve them by increasing participation, providing new funding, and expanding access for women, minorities, veterans, and other entrepreneurs that are not currently using the programs to their full potential.
“Investing in small business innovation is the most effective way to create new jobs,” Napolitano said. “This bill will mean more jobs for our families, more prosperity for our communities and more opportunity for entrepreneurs of every background to help rebuild our economy.”
The SBIR and SBTT programs will also become more streamlined and efficient, more widely available to small businesses, and newly focused on bringing new products and services to market quickly. For the first time, they will reach out to rural entrepreneurs and small businesses owned by women, minorities and veterans who have not made full use of the programs in the past.
“An effective recovery is one that gives every member of the community a chance to contribute,” Napolitano said. “These programs ensure that all entrepreneurs and small business owners will have the opportunity to build their businesses and invest in our economy.”
Since 1992, the SBIR and STTR programs have awarded 65,000 grants to companies across the nation, and currently invest $2.2 billion in small businesses every year.
For more information about SBIR and STTR, visit www.sbir.gov.
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