Washington, DC – U.S. Representative John Hall (D-Dover) voted today to create new jobs and boost the economy by supporting small business innovation in research and technology. The Enhancing Small Business Research and Innovation Act (H.R. 2965), which passed the House today with bipartisan support, modernizes the Small Business Act and directs federal support towards entrepreneurs who are innovating in breakthrough technologies.

 

The bill more than doubles the amount of the grants small businesses can apply for and helps them engage in cutting-edge research. This is accomplished by modernizing the government's largest small business research and development programs, the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. Both of these programs were designed to improve the competitiveness of small businesses in the fields of technology training and technology information exchange, and assist small businesses in competing for federal research and development grants and contracts. The SBIR program provides entrepreneurs up to $2.3 million in grants for research and development. Veterans are eligible for an additional $300,000 for their businesses.

 

"Every year, these small business programs help 1,500 new firms get off the ground," said Hall. "There's simply no more effective way to boost our economy than to support the small business innovation that creates new jobs, new technologies and new American industries. Together with the American Clean Energy and Security Act, this legislation will help us build the high tech economy of tomorrow."

 

The bill will make it easier for small businesses to find financing, allowing them to decide for themselves how to raise capital. It also puts a greater emphasis on helping smaller firms bring their products to market. The Enhancing Small Business Research and Innovation Act will also broaden the pool of businesses that participate in the programs by reaching out to veterans and women business owners.

 

"Small businesses are the engines that drive innovation and pioneer new technologies in the Hudson Valley," Hall said. "Supporting small business research and development will create new products and millions of new American jobs for years to come."

 

Since 1992, the SBIR and STTR programs have awarded 65,000 grants to small companies that are leading research efforts to cure diseases, strengthen national defense and reduce our dependence on foreign energy sources. Without this legislation, SBIR and STTR will expire later this month.

 

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