Alex Padilla: “I rise to speak in support of the ``Encouraging Small Business Innovation Act,'' which I introduced today. During…”

“I rise to speak in support of the ``Encouraging Small Business Innovation Act,'' which I introduced today. During National Small Business Week, we are celebrating the resiliency of our Nation's entrepreneurs who are leading our economic recovery from the COVID-19 pandemic. To promote a strong recovery for the 32.5 million small businesses across the country, Congress should bolster Federal programs that support these entrepreneurs and innovators. For more than 40 years, the Small Business Innovation Research and Small Business Technology Transfer Programs have spurred innovation, job creation, and economic growth. These programs have generated breakthroughs in a wide range of sectors, including agriculture, defense, energy, healthcare, and transportation. Today, the Small Business Administration and 11 participating Federal Agencies leverage the SBIR and STTR Programs to help small innovative firms explore their potential and increase the commercialization of innovations arising out of Federal research and development. While these critical programs have invested more than $40 billion in small businesses, many firms, especially those that are minority- or women-owned, still face considerable barriers to participation. As we look to spur innovation and drive small business growth, Congress should improve the diversity of these programs, enhance access to capital, and expand the eligible uses of funds to better support the needs of U.S. small businesses.…”