CHARLOTTE AMALIE — The U.S. Small Business Administration (SBA) has announced the 2019 Federal and State Technology (FAST) Partnership Program.
The FAST Program is designed to stimulate economic development among small, high technology businesses through federally funded innovation and research and development programs. The project and budget periods are for a 12-month period.
“We encourage state and local economic development agencies, as well as incubators, colleges, universities and other organizations in Puerto Rico and the U.S. Virgin Islands to submit proposals under the FAST partnership program to continue supporting high-growth, technology-driven firms in the Caribbean,” said SBA District Director Yvette T. Collazo.
FAST currently provides $3 million in total funding, up to $125,000 per applicant, for outreach, financial support, and technical assistance to next generation research and development-focused small businesses.
The program places particular emphasis on helping women, socially/economically disadvantaged individuals, and applicants from underrepresented or rural areas.
Applications for the grants are open through June 28. Only one proposal is allowed per state, with an accompanying letter from a state’s governor or equivalent. Proposals will be evaluated by review panels; the SBA, the Department of Defense and the National Science Foundation will jointly review the recommendations from the panels and will make awards based on proposal merit.
Varying levels of matching funds are required from each participating state and territory.