The U.S. Small Business Administration said it has awarded more than $90,000 to the state’s venture capital arm, Connecticut Innovations, to help small tech and science companies compete in the SBA’s grant programs.
CI, which received funds under the Federal and State Technology (FAST) program in the past, will use the money to perform outreach and provide technical assistance to companies pursuing R&D grants from SBA’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
SBA said the program places an emphasis on helping socially or economically disadvantaged companies compete for the money.
SBIR and STTR grants have become increasingly competitive as funding has fallen off in recent years. The total amount SBA awarded under the programs fell from $2.51 billion in 2010 to $1.98 billion in 2013.
