Capito Introduces Legislation to Increase West Virginia Economic Development
WASHINGTON, D.C. –U.S. Senators Shelley Moore Capito (R-W.Va.) and Jim Risch (R-Idaho) today introduced S. 2023, the FAST Fix Act of 2019, legislation to level the playing field for rural states to better compete for Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards. The legislation is cosponsored by U.S. Senators Mike Crapo (R-Idaho), Jacky Rosen (D-Nev.), John Hoeven (R-N.D.), and John Kennedy (R-La.).
The FAST Fix Act will reform the Small Business Administration’s (SBA) Federal and State Technology (FAST) Partnership Program to encourage federal economic development grants to be awarded to small businesses and universities in states that have historically lacked SBIR and STTR awards.
“The FAST Fix Act would make several important changes to the FAST grants program and application process to give small businesses in historically underserved states—like West Virginia—a better chance of receiving the federal funding they to grow and diversify the state’s economy. By doing away with the one-size-fits-all bureaucratic process, this bipartisan legislation will help SBA better fulfill its mission of serving community businesses and catalyzing economic growth,” Senator Capito said.
“My legislation will help small businesses and universities in underserved states like Idaho receive better access to federal funds so they can undertake more research and development and thereby create more Idaho jobs,” Senator Risch said.
“This bill is a common-sense measure that will help ensure more of our federal resources are reaching rural states to provide jobs and local economic growth, rather than remaining “The FAST program enables innovative small companies to access crucial technological development support. We appreciate this bill's overdue extension of the program,” SSTI President and CEO Dan Berglund said.
To learn more about the legislation, click here.
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