Foster Votes to Support Small Businesses

Press Release

Foster Votes to Support Small Businesses

Bipartisan Legislation to Create New Jobs, Enhance Technological Innovation

Today, Rep. Bill Foster, voted to pass H.R. 2965, the Small Business Research and Innovation Act. The bill passed the House by a bipartisan vote of 386-41.

"As a person who started my own business from scratch, I recognize the challenges that small businesses face," said Foster. "I am proud to support legislation that will enhance small business research and innovation, creating opportunities that will allow businesses right here in the 14th District to grow and create jobs. As a scientist at Fermilab, I often reviewed these grants, and I recognize their value to creative startup businesses."

H.R. 2965 modernizes and reauthorizes the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs - the government's largest small business research and development programs.

The modernizations will expand commercialization efforts to get the small businesses revolutionary technology and product into the market, and will make it easier for small businesses that participate in SBIR to find capital to fund these innovative breakthroughs. The bill will broaden the small businesses involvement in the SBIR and STTR programs through outreach to rural entrepreneurs and small businesses owned by women, minorities and veterans. In addition, the bill will streamline these key business research and development programs to operate more efficiently and meet clear performance standards.

"Small businesses have traditionally been the catalyst for economic recovery, and by aiding them, we are assisting our overall economy," said Foster.

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