The U.S. Small Business Administration (SBA) announced that the Illinois FAST Center, hosted by Research Park, has received a five-year renewal of its funding. The FAST Center at the University of Illinois Urbana-Champaign provides one-on-one assistance, training, and workshops across the state to increase access to federal research funding for Illinois small businesses. From 2020 to 2023, the FAST Center at the University of Illinois served a total of 2,288 clients, 60% of which came from underserved populations. Clients were awarded a total of $67.2 million in SBIR and STTR funding. This award is one of 49 distributed by the SBA, which provide up to $200,000 to organizations supporting startups through specialized training, mentoring, and technical assistance under the Federal and State Technology (FAST) Partnership Program. “FAST funding, which fuels innovation to keep America competitive globally, has doubled under the Biden-Harris Administration,” said Administrator Isabel Casillas Guzman, head of the SBA. “At a time when we are seeing historic highs in our entrepreneurial activity with a small business boom, investing in America’s innovative startups is a top priority. America’s Seed Fund, powered by the SBA and fueled by 11 federal agencies’ SBIR and STTR programs, is the largest source of early-stage funding in the world. With FAST, we have now expanded our entrepreneurial ecosystem to nearly every state so that entrepreneurs with great ideas can invent it, commercialize it, and build it with America’s Seed Fund in every corner of America.” The Illinois FAST Center hosted America’s Seed Fund Road Tour in Champaign on July 17, 2024, allowing innovators, entrepreneurs, researchers, and small technology startups to connect with federal funding opportunities. Read the official press release on the SBA website. About FAST FAST provides small businesses and startups, particularly those in underserved communities, with specialized training, mentoring, and technical assistance for research and development. FAST’s objective is to strengthen the competitiveness of small businesses and startups across the country, particularly those from underserved communities to help them benefit from the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. Through FAST, the SBA continues to play a critical role in creating inclusive entrepreneurial ecosystems and helping American entrepreneurs grow their networks and revenue opportunities with new capital. Learn more about FAST on the SBIR website. About the FAST Center at the University of Illinois The FAST Center at the University of Illinois Urbana-Champaign is led by EnterpriseWorks and provides free resources, support, and expertise necessary to submit a highly competitive proposal to help startups and companies bridge the gap between research and commercialization. It has helped companies acquire millions of dollars in federal SBIR/STTR funding at no cost to them.
