funding

Editor’s note (April 4, 2024): This article has been updated to reflect relevant programs included in the second of two FY 2024 omnibus appropriations bills.

The NSF Directorate for Technology, Innovation, and Partnerships (TIP) is accepting EArly-concept Grants for Exploratory Research (EAGER) proposals that will advance the state of the art in assessing place-based innovation's societal and economic impacts. This funding opportunity aims to address gaps in publicly available data and associated knowledge to adequately and appropriately benchmark activities in place-based innovation grounded in integrating research and development, translation, and workforce development. The dear colleague letter  emphasizes the role of cross-sector partnerships in place-based innovation and how to best leverage all of the regional talent to create inclusive and equitable innovation ecosystems.

Latino- and Latina-owned businesses represent the fastest growing demographic in the U.S. business ecosystem, growing revenues and creating jobs for all Americans, according to the Stanford Graduate School of Business. The number of Latino/a-owned businesses grew by 34% from 2007 to 2019, while existing businesses grew at a median rate of 25% between 2019 and 2022. Even at these rapid rates, there is still room to grow. Estimates from McKinsey show the potential for Latino/a owners to generate an extra $2.3 trillion in economic benefits, given equal funding opportunities.[1]

A memo sent out last week by the Office of Management and Budget and the Office of Science and Technology Policy outlines this year’s R&D priorities. Federal science agencies will use this memo to design their budget requests for the fiscal year 2025.

The EDA’s Revolving Loan Fund (RLF) can be an important tool for supporting tech-based economic development initiatives. In the newest addition to SSTI’s Federal Funding Video Library, Matt Knutson, program analyst with EDA, provides an overview of how organizations can use this funding opportunity. Whether you’re seeking to understand the application process or explore how the RLF program aligns with your region’s TBED strategy, this video offers valuable insights and guidance.

In 1862, during the Civil War, Congress passed the Land-Grant Agricultural and Mechanical College Act of 1862 (a.k.a. the Morrill Act of 1862). This legislation extended educational opportunities for many White working-class Americans. But it did little to extend education to Black people. The Morrill Act of 1890 passed 28 years later created new land grant institutions to address the issue of Black peoples’ access to higher education. But racial inequities between the two land-grant systems have persisted into the present day. And as noted in The Century Foundation’s (TCF’s) paper, “Nourishing the Nation While Starving; The Underfunding of Black Land-Grant Colleges and Universities,” even though the 1890 universities have many proud accomplishments, the cumulative damage from unequal treatment between the 1862 and 1890 universities is significant.

Have you ever wondered whether there is a federal program that supports tech-based economic development (TBED) strategies and initiatives--even if it doesn’t explicitly state that science, technology, innovation, or entrepreneurship are priority uses of funds? Actually, a wide variety of federal programs can support these programs. To help organizations identify sources of funding that could be useful, SSTI interviewed representatives from the Economic Development Administration (EDA) to understand better how they can use specific funding opportunities to support TBED activities.

Despite being hit with a recession brought on by the COVID-19 pandemic, the latest 5-year impact report from Ben Franklin Technology Partners (BFTP) shows even higher growth than the previous five years. The most recent analysis, The Economic Impact of Ben Franklin Technology Partners, reveals that BFTP generated $400 million in tax receipts for the state and boosted Pennsylvania’s overall economy by $6.1 billion between 2017 and 2021, contributing to an overall boost of more than $30 billion since the program began more than 40 years ago.

Expanding U.S. innovation capacity sits at the heart of SSTI’s mission, and it was that driving force that guided our response to the Economic Development Administration’s request for information to inform the planning and design of the regional Technology and Innovation Hub (Tech Hubs) program last week. With $10 billion authorized for the program, and $500 million appropriated, the opportunity for growth in the nation demands a thoughtful and actionable plan. SSTI argues that where the country is now has been decades in the making; therefore, a deliberate, well-considered plan providing ample opportunity for regions to both comment on proposed program guidelines and develop local partnerships is needed. In short, EDA should resist the temptation to get the money out the door as fast as possible.

The U.S. Department of Treasury has announced approval of $635.6 million in State Small Business Credit Initiative (SSBCI) funding for Texas and Washington. The addition of these two states means 48 states and three territories have had their SSBCI programs approved.