Establishing the Pennsylvania SBIR/STTR Matching Funds Program to provide technology grants to small businesses.
Impact
The bill is expected to significantly impact state laws concerning small business funding and innovation. By providing specific financial support to businesses that have demonstrated initial success under federal programs, it empowers these entities to further develop their projects. This not only aids in retaining businesses within the state but also fosters an environment conducive to technological advancement and economic growth. The state funding mechanism may serve as a model for similar initiatives in other areas of economic development.
Summary
House Bill 2472 establishes the Pennsylvania SBIR/STTR Matching Funds Program, aimed at providing financial support to small businesses engaged in research and development. By enabling matching funds for successful applicants of the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, the bill seeks to bolster the local economy by enhancing the capabilities of innovative small businesses. The maximum grant amount is $50,000, and the program is integrated into the existing funding framework established by federal initiatives.
Sentiment
General sentiment surrounding HB 2472 appears to be positive, particularly among small business advocates and policymakers who see it as a crucial step toward stimulating innovation and economic development. Supporters argue that by backing local enterprises with the necessary financial resources, the state can stimulate job creation and technological progress. However, dissenting voices may raise concerns about the management of state funds and ensuring that the program reaches the businesses that need it most.
Contention
Notable points of contention include the potential limitations on the number of grants a business can receive – capped at one grant per year and a maximum of five under this program. Critics might argue these limitations could hinder broader access to funding for potentially qualified businesses. Furthermore, ensuring all businesses that benefit from these grants maintain their operations in Pennsylvania is essential to maximizing the program's intended economic benefits.
To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.
Relating to the creation of a grant matching program for the federal small business innovation research and small business technology transfer programs.
Transferring administration of WV Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program to Department of Economic Development