Congressman Eric Massa Votes To Create Small Business Jobs, Spur Economic Growth

Press Release

Today, Congressman Eric Massa voted to create new jobs and boost the economy by supporting small business innovation in research and technology. The Enhancing Small Business Research and Innovation Act (H.R. 2965) is part of our long-term economic blueprint to spur job creation by encouraging America's entrepreneurs to develop new technological advancements. H.R. 2965 passed by a vote of 386 to 41.

"Strengthening our area's small businesses is a cornerstone of improving our economy," said Rep. Massa. "Small businesses are the engines that drive innovation and pioneer new technologies in this country. In fact, according to the U.S. Chamber of Commerce, small businesses have generated 60 to 80 percent of all net new jobs annually over the last decade and produce 13 times more patents per employee than large patenting firms. Clearly, supporting small business research and development will create new products and millions of new American jobs for years to come."

This bill will strengthen 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. It will increase the amount of grants small businesses can apply for by more than double and help them engage in cutting-edge research.

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, 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.

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