WASHINGTON – U.S. Senator Chris Coons (D-Del.) praised the Senate’s passage by unanimous consent of a one-year extension of the Small Business Innovation Research program and the Small Business Technology Transfer program on Thursday night. Both programs expire May 31. If passed by the House, the measure would extend the programs by one year.
“SBIR and STTR are proven, successful programs that create jobs and promote innovation,” Senator Coons said. “They should be expanded and reauthorized permanently, as we tried to do earlier this month. Continuing them at current levels is better than letting them expire. I hope my colleagues from both sides of the aisle will join me in working to make SBIR and STTR permanent before the extension expires next year.”
The Small Business Innovation Research program sets aside a small part of the research and development budget from federal agencies to be used as grants for small businesses. The Small Business Technology Transfer program helps scientists and innovators at research institutions take their discoveries and commercialize them through small business startups. Since their creation in 1982 and 1992, respectively, SBIR and STTR have invested more than $28 billion in helping American small businesses, with 345 investments in Delaware businesses, totaling $101 million.
The Small Business Innovation Research and Small Business Technology Transfer programs have been reauthorized eight times since being established in 1982. Previously set to expire next week, Senator Coons supports the long-term reauthorization of those programs to help small businesses succeed by providing continuity in encouraging these high-technology firms to grow and expand.
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