SBA Grant to Puerto Rico Small Business and Technology Development Centers | Business

The US Small Business Administration has awarded a grant of $ 90,297 to Puerto Rico’s Small Business and Technology Development Centers, along with awards of up to $ 125,000 to 32 other organizations across the country, to fund specialist training, mentorship and technical assistance for research and development (Small Business R&D Focus) under the Federal and National Technology Partnership Program (FAST).

“We are delighted that the Puerto Rico Small Business, Technology and Development Center (PR SBTDC) has been selected to receive an FY22 Federal And State Technology (FAST) Partner Program Award in the amount of 90,300 $. The FAST grants are an important tool in continuing to support high growth businesses and STEM in Puerto Rico, ”said Joshua E. Rivera, District Director of SBA Puerto Rico and the US Virgin Islands.

“The number of talented, tech-driven companies in our district is extraordinary, and we aim to provide them with the help they need to achieve their goals. We appreciate the government of Puerto Rico, the Department of Economic Development and Trade for their partnership which made this grant possible, ”added Rivera, highlighting approximately $ 3.2 million in federal SBIR / STTR awards over the past two years. years.

The FAST program is designed to stimulate the economic development of small, high-tech businesses through federally funded innovation and research and development programs, such as Small Business Innovation Research (SBIR) and Small Business Technology Transfer ( STTR). The project and budget periods are for a period of 12 months.

“As President Biden often says, great ideas come from anywhere and everywhere. Supporting all innovative startups in our country and increasing equitable access to federal research funding is a priority for the SBA, not only because it’s the right thing to do, but because it will build a stronger future. for all of us, ”said Administrator Isabella Guzman, head of the US Small Business Administration.

“Our FAST partnership program is designed to strengthen the innovation ecosystem at the local level and help underserved communities access SBIR and STTR, or America’s Seed Fund, the largest source of seed capital in the United States. United. The continued growth of FAST will strengthen the national innovation ecosystem and ensure that all small businesses are better positioned in this next stage of recovery to access unprecedented investments to reimagine our future economy that will be made available through the bipartite infrastructure framework and President Biden’s Build Back Better program. “

This year’s recipients cover a wide geographic area and include national and local economic development organizations, small business technology development centers, women’s business centers, procurement technical assistance centers, incubators, accelerators, colleges and universities. All organizations will support small businesses that develop advanced technologies.

“The investment that SBA provides through the FAST program will be fundamental in reaching a wider sector of Puerto Rico by increasing the number of entrepreneurs with the potential to launch innovative products and services,” said CPA Ricardo Martinez , executive director of Puerto Rico. SBTDC. “This FAST grant will provide specialized training and technical assistance to entrepreneurs to improve their competitiveness and their access to more SBIR / STTR funds. In addition, it will increase the commercialization of new businesses on the island.