The U.S. Small Business Administration today awarded FAST grants totaling $2 million to 22 state and local economic development agencies, business development centers, colleges and universities. These grants will support programs for innovative, technology-driven small businesses under SBA’s Federal and State Technology partnership program.
The FAST program is designed to stimulate economic development among small high technology businesses through federally-funded innovation and research and development programs like the Small Business Innovation Research and Small Business Technology Transfer. The project and budget periods are for a 12-month period.
“The FAST program is an important tool of the SBIR/STTR program. The mission of the SBIR program is to support scientific excellence and technological innovation by investing federal research funds in small businesses. STTR focuses on partnerships between small businesses and America’s premier universities and nonprofit research institutions. It helps ensure that the world’s greatest academics and inventors have the resources they need to transform their ideas from the lab to the marketplace,” SBA Administrator Maria Contreras-Sweet said.
“SBIR and STTR are a win-win. Federal agencies are able to meet their R&D needs. Small businesses get the support they need to turn innovative new ideas into job-creating new businesses and these programs strengthen America’s competitiveness and global economic leadership.”
This year’s recipients include:
Economic Development Partnership of Alabama Foundation, Inc.
University of Alaska Anchorage
Commerce Authority, Arizona
Board of Trustees of the University of Arkansas
The Regents of the University of California
Connecticut Innovations Incorporated
DC Department of Small and Local Business Development
Boise State University
Board of Trustees of the University of Illinois
Wichita State University
Louisiana State University and A&M College
Metropolitan Economic Development Association
Board of Regents, Univ. of NE dba Univ. of NE at Omaha
The Research Foundation for the State University of New York
University of North Dakota
Oregon Built Environment & Sustainable Technologies Center
Puerto Rico Trade and Export Company (PR Trade)
Tennessee Technology Development Corp d/b/a Launch Tennessee
Center for Innovative Technology
Board of Regents of the UW-System
University of Wyoming
FAST provides over $90,000 per award to pay for outreach and technical assistance to science and technology-driven small businesses. The program places particular emphasis on helping socially and economically disadvantaged firms compete in the SBA’s SBIR and STTR programs.