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Innovation Vouchers for Small Businesses: Funding Research and Product Development.

This Act establishes a new grant program to help small businesses fund research, development, and commercialization of innovative products and services. Businesses can receive between $15,000 and $75,000 to purchase technical assistance from universities and research institutions. A significant portion (at least 40%) of the funds is reserved for businesses located in underserved markets, aiming to boost economic growth and job creation in these communities.
Key points
Small businesses can receive grants up to $75,000 to collaborate with research institutions on developing new products and services.
The program aims to increase innovation, create jobs, and facilitate access to advanced research capabilities for small enterprises.
At least 40% of the funding is set aside for businesses in underserved markets, including rural areas, low-income communities, and those owned by veterans or women.
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Additional Information
Print number: 118_S_1739
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2023-05-18
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Innovation Voucher Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1739.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-18.

What are the main provisions?

Key points include:

  • Small businesses can receive grants up to $75,000 to collaborate with research institutions on developing new products and services.
  • The program aims to increase innovation, create jobs, and facilitate access to advanced research capabilities for small enterprises.
  • At least 40% of the funding is set aside for businesses in underserved markets, including rural areas, low-income communities, and those owned by veterans or women.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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