Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 millions mall businesses.
Announced that the SBA has issued 49 grants up to $200,000 each to organizations supporting startups through specialized training, mentoring, and technical assistance under the Federal and State Technology (FAST) Partnership Program.
“FAST funding, which fuels innovation to keep America competitive globally, has doubled under the Biden-Harris Administration. At a time when we are seeing historic highs in our entrepreneurial activity with a small business boom, investing in America’s innovative startups is a top priority. America’s Seed Fund, powered by the SBA and fueled by 11 federal agencies’ SBIR and STTR programs, is the largest source of early-stage funding in the world. With FAST, we have now expanded our entrepreneurial ecosystem to nearly every state so that entrepreneurs with great ideas can invent it, commercialize it, and build it with America’s Seed Fund in every corner of America,” said Administrator Guzman.
“… success for underserved communities …”
“Access to development funding and innovation research is crucial for economic growth and success for underserved communities,” said Atlantic Region Administrator Marlene Cintron. The SBA’s $9 million in grants through the FAST program will help break down barriers, ensuring that more entrepreneurs can participate in and benefit from critical funding opportunities’”
FAST’s objective is to improve outcomes for underserved communities by increasing participation from woman-owned, rural-based, or socially or economically disadvantaged small businesses through the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs, which are known as America’s Seed Fund.
“… 60% to expand the geographic footprint of FAST …”
This year, the FAST program increased the maximum funding available by 60% to expand the geographic footprint of FAST and increase engagement of underserved, geographic, and demographic innovators across the country. As a result, FAST awardee organizations will provide support across 48 states and Puerto Rico.
FAST organizations work locally and provide person-to-person support and training that increases the probability of success for entrepreneurs and small businesses pursuing SBIR or STTR contracts and grants.
The FAST program provides awards for a base period of 12 months, plus four optional continuation periods of 12 months each.
The FAST grantees are as follows:
FAST
In FY 2024, $9 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. Additional information can be found at https://www.sbir.gov/community/fast.
About SBIR/STTR
SBA coordinates the SBIR/STTR programs, known as America’s Seed Fund across the eleven participating federal agencies. Over $4 billion in early-stage seed capital is provided annually through over 6,000 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 the Americas 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.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.
To learn more, visit www.sba.gov.
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