WASHINGTON – U.S. Senator Chris Coons (D-Del.) released the following statement following the Senate’s failure to invoke cloture on S. 493, the reauthorization of the Small Business Innovation Research program and the Small Business Technology Transfer program.
“I am deeply disappointed that my colleagues have once again put partisan politics ahead of the critical need to support American small businesses and our national economic recovery,” Senator Coons said. “Small businesses are essential to the economic growth of our nation, employing more than half of the private sector workforce. SBIR and SBTT are proven, successful programs that create jobs and promote innovation over the long-term, and the renewal of these programs would have had an immediate direct impact on American innovation and job creation in Delaware.”
The Small Business Innovation Research program sets aside a small part of the research and development budget from a number of 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. Set to expire this month, 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.