The U.S. Small Business Administration issued a $90,297 grant to the Puerto Rico Small Business and Technology Development Centers, as well as awards up to $125,000 for 32 other organizations around the nation, to fund specialized training, mentoring and technical assistance for research and development-focused small businesses under the Federal and State Technology Partnership Program.
“We are pleased that Puerto Rico Small Business, Technology and Development Center has been selected to receive a FY22 Federal and State Technology Partnership Program award in the amount of $90,300. FAST grants are an important tool to continue supporting high-growth and STEM companies in Puerto Rico,” said SBA Puerto Rico and U.S. Virgin Islands District Director Josué E. Rivera. “The number of talented, technology-driven firms in our district is extraordinary, and we aim to provide them with the assistance they need to accomplish their goals. We appreciate the government of Puerto Rico, Department of Economic Development and Commerce for their partnership in making this grant possible.”
The FAST Program is designed to stimulate economic development among small, high technology businesses through federally funded innovation and research and development programs like the Small Business Innovation Research and Small Business Technology Transfer. The project and budget periods are for a 12-month period.
“As President Biden often says, great ideas come from anywhere and everywhere. Supporting all our nation’s innovative startups and increasing equitable access to federal research funding is a priority for the SBA, not just 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 U.S. Small Business Administration. “Our FAST Partnership Program is designed to empower the innovation ecosystem at the local level and help underserved communities gain access to SBIR and STTR, or America’s Seed Fund — the largest source of early-stage capital in the United States. FAST’s continued growth will strengthen the national innovation ecosystem and ensure 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 Bipartisan Infrastructure Framework and President Biden’s Build Back Better agenda.”
Recipients this year cover a wide geographic area, and include state 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 provide support to small businesses developing advanced technologies.
“The investment that SBA is providing through the FAST Program will be fundamental to reach a broader 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 the Puerto Rico SBTDC. “This grant will provide specialized training and technical assistance to entrepreneurs to improve their competitiveness and access to more funds. Moreover, it will increase the commercialization of new businesses on the island.”
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