HELENA, Mont. – Montana has been awarded a federal grant to grow its assistance program for technology-related businesses.
The U.S. Small Business Administration awarded a Federal and State Technology (FAST) Partnership Program grant for $125,000 to the Montana Technology Innovation Partnership (MTIP) program at the Department of Commerce.
“Montana is an incubator for innovation and this program is a valuable resource for Montana entrepreneurs who are ready to take the next step toward commercialization,” said Commerce Director Pam Haxby-Cote. “Receiving the FAST grant is exciting news because it will allow us to reinvest directly into Montana businesses.”
MTIP provides no cost business counseling and helps Montana technology-related businesses navigate the complex process of applying for the federal Small Business Innovation Research (SBIR) program, which awards federal grants for research and development projects that have commercialization potential.
From 2012–2016, MTIP served 310 businesses. The federal SBIR program brings approximately $10 million per year to Montana businesses.
The FAST grant will be used increase MTIP’s capacity to assist businesses, plus up to $36,000 will also be made available to reimburse businesses for costs associated with their SBIR applications through the FAST Phase 0 Support Grants MTIP will offer.
Montana is one of 21 states to receive a FAST grant for the upcoming federal fiscal year. Grants are awarded through a competitive application process. Montana has received it five of the past seven years.
For more information, visit MarketMT.com/MTIP.