SBA Awards Over $5.4 Million in Grants to Strengthen Research Funding Opportunities Across the U.S.; SD Biotech Council receives $125,000
Administrator
Isabella Casillas Guzman, head of the U.S.
Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, has announced over $5.4 million in funding to 44 awardees through the
Federal and State Technology (FAST) Partnership Program. FAST provides small businesses and startups, particularly those in underserved communities, with specialized training, mentoring, and technical assistance for research and development. Grant selectees
qualify for award amounts of up to $125,000 each.
“When we enable equitable access to federal research funding, we empower more of our nation’s entrepreneurs and scientists to translate their cutting-edge ideas into commercial enterprises,” said Administrator Guzman. “This is why doubling
our funding of FAST grants and expanding the network of awardees is so critical to building a stronger and more inclusive innovation economy that invests in all of our communities.”
FAST’s objective is to strengthen the competitiveness of small businesses and startups across the country, particularly those from underserved communities to help them benefit from the
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. Through FAST, the SBA continues to play a critical role in creating inclusive entrepreneurial ecosystems and helping American entrepreneurs grow their networks
and revenue opportunities with new capital, a priority of Administrator Guzman.
This year’s expansion of the FAST program created 12 additional awards and expands the program’s footprint to 43 states and one U.S. territory. These organizations are led by state and local economic development entities, Small Business Technology Development
Centers, Small Business Development Centers, Women’s Business Centers, Procurement Technical Assistance Centers, incubators, accelerators, colleges, and universities. The expanded reach of the program builds on the success of previous FAST cohorts. With $4
million in funding in fiscal year 2021, FAST helped small businesses to win over $88 million in SBIR and STTR awards, a 22:1 return for every taxpayer dollar spent.
The FAST program provides awards for a base period of 12 months, plus four optional continuation periods of 12 months each. Thirty-two FAST awardees from the 2021 cohort were also selected for second or third-year funding.
“In the past year, the FAST program positively impacted numerous South Dakota small businesses statewide by providing extra operational funds for conducting market research to grow revenue,” said SBA SD District Director Jaime Wood. “We’re pleased to have the
South Dakota Biotech Council returning as an SBA FAST cohort member for an additional year.”
According to Joni Ekstrum, Executive Director,
SD Biotech, the FAST investment propelled outreach across the state to spur innovation. “In the past year, we participated in several innovation-focused events, reaching hundreds of South Dakota small businesses. Innovation grew across industries from medical
and agriculture technology to manufacturing,” said Ekstrum. The new FAST award for SD Biotech is $125,000 to be implemented over the next year.
About FAST
In FY 2022, $6 million was appropriated for entities to carry out activities defined under the FAST Partnership Program legislative authority. Entities from all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, American Samoa, and
the Northern Mariana Islands are eligible to receive funding to provide outreach, technical, and financial assistance. These efforts are focused on elevating and expanding the ecosystem support network that works with technology developing entrepreneurs, startups,
and existing small businesses. FAST’s primary goal is to help tech entrepreneurs who have traditionally been left out of federal R&D programs by successfully applying, winning, and executing SBIR and STTR awards. Additional information can be found at
www.sbir.gov/about-fast.
About SBIR/STTR
SBA coordinates the SBIR/STTR programs, known as America’s Seed Fund across the 11 participating federal agencies. Over $4 billion in early-stage seed capital was provided in FY 2022 through over 7,000 awards to more than 4,000 small businesses. Federal agencies
announce funding opportunities as either grants or contracts to address their research and development needs. Companies supported by America’s Seed Fund often generate some of the most important breakthroughs each year in the U.S. Additional information about
the programs, as well as past and current topics can be found at
www.sbir.gov.
Did you know a fire can become life-threatening in just two minutes? Make sure you have an evacuation plan in place for your employees.
Learn
More
National Small Business Week Awards
The National Small Business Week Awards are back! SBA is now accepting nominations for its 2023 National Small Business Week Awards, including the Small Business Person of the Year. Could you be our next winner? If you’re a small business owner or know a small
business owner with an inspiring story to tell, it’s time to submit a nomination!
A complete nomination package must be received electronically via BOX by December 8, 2022, 3pm ET. You answers should be in detail on forms 3301 and 3315 – it’s very important when it comes to judging the business! Our SBA Resource Partners can help assist,
at no-cost, in writing your BEST nomination. You can locate a Resource Partner at
https://www.sba.gov/local-assistance/resource-partners.
Below is the list of requirements and forms, for your convenience:
-
Review the
National guidelines and instructions
-
All nominees are required to complete SBA
Background Form 3300.
-
Complete the
Small Business Person of the Year Application Form 3301
-
A digital photo– at least 300 dpi is required
-
Review the
South Dakota District Office Guidelines (this is where you will find the criteria for district awards)
-
Complete the
District Office Award Application Form 3315 (identify the district award category)
-
Complete Release
of Materials Form
-
Attach any other significant documentation (such as a nomination letter, letters of recommendation, etc.) not to exceed 10 pages
-
Upload everything to our South
Dakota District Office Box Account
Submit your nomination today!!
Learn
more
District Director Jaime Wood recently visited a business class at Augustana University in Sioux Falls. Joining her were
representatives from the Sioux Falls Small Business Development Center, SD CEO East Women’s Business Center and Startup Sioux Falls.
Did you know the nearly five million Hispanic-owned businesses in the United States contribute more than $800 billion to the American economy annually? During Hispanic Heritage Month, learn about resources to help Hispanic entrepreneurs start, grow, expand
and recover businesses.
Learn
more
We’re excited to announce that this year’s National Veterans Small Business Week (NVSBW) will take place on October 31-November 4! Each year the SBA during NVSBW celebrates, connects, and empowers service member, veteran, National Guard and
Reserve, and military spouse entrepreneurs all week long. This year marks the ninth annual NVSBW.
Advocacy’s annual State Profiles gather the latest federal economic data into state-by-state snapshots of small business economic activity.
The 2022 State Profiles are the first to contain data gathered during the COVID-19 pandemic. Three sections – business dynamics, small business loans, and small business exports – reflect 2020 data. The profiles also represent the first state by state breakdown
of small business openings and closings during the pandemic as well as changes to employment.
Learn
More
|
