Heinrich Votes To Strengthen Small Business, Create Jobs, Spur Economic Growth

Press Release

Today, U.S. Representative Martin Heinrich (NM-1) voted to create new jobs and boost the economy by supporting small business innovation in research and technology. H.R. 2965, the Enhancing Small Business Research and Innovation Act, passed by a vote of 386 to 41 on the Floor of the House of Representatives. The bill is part of a long-term economic blueprint to spur job creation by encouraging America's entrepreneurs to innovate toward breakthrough technological advancements.

"Creating jobs through innovation and entrepreneurship is everyone's business," said Rep. Heinrich. "This bill nurtures the growth of small businesses, especially those owned by veterans, minorities and women, which will drive innovation and pioneer new technologies in New Mexico."

H.R. 2965 modernizes the government's largest small business research and development programs, the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program, more than doubling the amount of the grants small businesses can apply for and helping them engage in cutting-edge research. New Mexico ranks 17th nationally for SBIR activity and some 1,391 grants totaling $374.5 million have been provided to companies in the state.

The Enhancing Small Business Research and Innovation Act will broaden the pool of businesses that participate in the programs by reaching out to rural entrepreneurs, veterans, minorities and women. The bill will make it easier for small businesses to find financing, allowing them, and not Washington bureaucrats, to decide how to raise capital. It also puts a greater emphasis on helping smaller firms bring their products to market.

Since 1992, the SBIR and STTR programs have awarded 65,000 grants to small companies that are leading research efforts to cure diseases, strengthen national defense and reduce our dependence on foreign energy sources.

Without action by Congress, these programs will expire later this month. H.R. 2965 now awaits Senate consideration.

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