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HOUSE PASSES SMALL BUSINESS INNOVATION & RESEARCH ACT
Rep. Markey Votes to Create Small Business jobs, Spur Economic Growth
WASHINGTON--Today, the U.S. House of Representatives approved H.R. 2965, the Small Business Research and Innovation Act, which will spur job creation by encouraging America's entrepreneurs to innovate toward breakthrough technological advancements. Congresswoman Betsy Markey voted in favor of the measure, citing its power to create new jobs and boost the economy by supporting small business innovation in research and technology.
"Small businesses are the engines that drive innovation and pioneer new technologies in our country," said Rep. Markey. "Supporting small business research and development will create new products and thousands of new Colorado jobs for years to come."
The bill modernizes the federal government's largest small business research and development programs, the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program, more than doubling the amount of the grants small businesses can apply for and helping them engage in cutting-edge research.
The Small Business Research and Innovation Act will broaden the pool of businesses that participate in the programs by reaching out to rural entrepreneurs, veterans, minorities and women. The bill will make it easier for small businesses to find financing, allowing them, not Washington bureaucrats, to decide how best to raise capital. It also puts a greater emphasis on helping smaller firms bring their products to market.
"Every year, these programs help 1,500 new firms get off the ground nationwide," said Rep. Markey. "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."
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 action by Congress, these programs will expire later this month.
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