For Immediate Release: Friday, May 25, 2018
Program provides matching grants to biotechnology businesses that receive Small Business Innovation Research funding from the National Institutes of Health
ROCKVILLE, Md., May 25, 2018—The Montgomery County Council approved the fiscal year (FY) 2019 operating budget on Thursday, May 24, 2018. Included in the budget is a total of $425,000 for the Small Business Innovation Research (SBIR) Matching Grant Program. The program provides matching fund for businesses that receive federal SBIR and Small Business Technology Transfer (STTR) grants.
Bill 41-17, Economic Development Fund – Small Business Innovation Research and Small Business Technology Transfer Matching Grant Program established a County matching fund for businesses that receive federal SBIR and STTR grants. Councilmember George Leventhal, who serves as chair of the Council’s Health and Human Services Committee and is a member of the Planning, Housing and Economic Development Committee, was the lead sponsor of Bill 41-17. All other Councilmembers were cosponsors.
“The County’s biotech industry is critically important for our future,” said Councilmember Leventhal. “The additional seed money from this matching grant program will help small businesses that are focused on innovation and technology transfer hire additional employees and expand research opportunities.”
The funds will be available to the SBIR Matching Grants Program on July 1, 2018.
# # # Release ID: 18-167