Increased Support for Small Tech Businesses in Underfunded States.
This law modifies the Federal and State Technology (FAST) program, focusing support on states that historically received the fewest federal innovation grants. It prioritizes applications from these states, offering them additional financial aid and the potential to waive local matching requirements. The goal is to boost the chances of small entrepreneurs securing funds for new technology development.
Key points
Priority for 18 States: Small businesses located in the 18 states receiving the fewest innovation grants will be given priority status when applying for support.
Lower Costs for Businesses: The required local matching contribution for technology grants is lowered (from 50% to 25% or 75% to 50%), and for businesses in priority states, this requirement may be completely waived.
Increased Program Funding: Funding for the FAST program is doubled from $10 million annually to $20 million every two fiscal years (through 2027), making more resources available for innovative small businesses.
Status:
Expired
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