U.S. House of Representative seal U.S. Representative Allyson Y. Schwartz
Representing the 13th Congressional District of Pennsylvania
FOR IMMEDIATE RELEASE
July 8, 2009
 CONTACT:  Rachel Magnuson, 202-225-6111
 
U.S. Rep. Schwartz Applauds House Passage of the Enhancing Small Business Research and Innovation Act of 2009
 
Washington, D.C. – Earlier today, with U.S. Rep. Allyson Schwartz’s strong support, the House of Representatives passed H.R. 2965, the Enhancing Small Business Research and Innovation Act of 2009 by 386 to 41. This key economic legislation 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. Since 1992, SBIR has provided 65,000 grants to small companies engaged in cutting edge research to cure diseases, strengthen our national defense and reduce our dependence on foreign oil.  Every year, the SBIR program results in a $2.2 billion investment in small businesses, helping 1,500 new firms get off the ground.
 
U.S. Rep. Allyson Schwartz (PA-13) delivered the following statement on the House floor today urging her colleagues to vote in support of the bill.
 
“Madame Speaker, I rise today in support of the Enhancing Small Business Research and Innovation Act.
 
“Ingenuity and innovation are key to the U.S. economy. In Pennsylvania the bioscience industry employs more than 77,000 people in good-paying jobs. This industry develops life-saving pharmaceuticals, medical equipment, and devices that are important here at home and around the world.
 
“In order to develop these important technologies, companies need access to early capital to move their products from the research phase into commercial development. The SBIR and STTR programs are important tools for our country’s entrepreneurs to bring their ideas to the marketplace.  
 
“However, under rules established by the Bush Administration, companies with large investments from venture capital were ineligible to participate in the SBIR program. This ruling created an unfortunate paradox where companies had to choose between to utilizing these important business incubation resources or venture capital investment – both essential to growing their business.
 
“The bill before us today overturns this short-sighted policy and enables Pennsylvania’s bioscience companies to utilize these important programs and seek private investment. Jim Greenwood, my former Pennsylvania colleague and President of the Biotechnology Industry Organization, said this bill ‘will help to ensure that small, U.S. biotech companies have increased access to capital for meritorious cutting-edge, early-stage research.’
 
“I urge my colleagues to support this important legislation that will create jobs and keep American technology competitive in a global marketplace.”

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