The U.S. Small Business Administration (SBA) has announced the distribution of $9 million in grants to 49 organizations across the United States. The initiative, part of the Federal and State Technology (FAST) Partnership Program, aims to assist underserved communities by providing specialized training, mentoring, and technical support for startups.
Administrator Isabel Casillas Guzman stated, "FAST funding, which fuels innovation to keep America competitive globally, has doubled under the Biden-Harris Administration." She emphasized the importance of investing in innovative startups amid a small business boom. The FAST program is linked with America's Seed Fund, powered by the SBA and supported by 11 federal agencies' SBIR and STTR programs.
The FAST program's objective is to enhance participation from woman-owned, rural-based, or socially or economically disadvantaged small businesses through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. This year saw a 60% increase in maximum funding available to broaden FAST's reach and engage underserved innovators nationwide. Consequently, support will be provided across 48 states and Puerto Rico.
The program awards are set for a base period of 12 months with four optional continuation periods. Among this year's grantees are institutions such as The Catalyst Center for Business & Entrepreneurship in Alabama and University of Alaska Fairbanks.
The SBA continues to coordinate SBIR/STTR programs known as America’s Seed Fund, providing over $4 billion annually in early-stage seed capital through more than 6,000 awards to over 4,000 small businesses.
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