Senators Reid, Landrieu Discuss Impact of Jobs Bill to Boost Innovation by Small Businesses

Nevada Senator Harry Reid [pictured] and Louisiana Senator Mary Landrieu, chair of the Committee on Small Business and Entrepreneurship, today discussed the U.S. Senate’s third jobs bill: Reauthorization of the Small Business Innovation Research [SBIR] and Small Business Technical Transfer [STTR] programs.

First passed under President Ronald Reagan in 1983, these initiatives have awarded more than 89,000 research and development grants worth more than $28 billion to help thousands of small businesses across the country expand and hire new workers.

The senators were joined on the call by Dr. Kenneth Eilertsen, Vice President and Chief Scientific Officer of Louisiana-based NuPotential Inc., and Jim Hodge, Chief Technical Officer of southern Nevada-based K2 Energy Solutions Inc. Both companies have taken advantage of the SBIR and STTR programs.

"Tens of thousands of small businesses like Nevada-based K2 Energy Solutions have taken advantage of these innovation grants to create jobs and discover the exciting, new products that will keep America competitive in a 21st century global economy," Reid said. "These grants have a highly successful track record. They have helped launch new ideas -- everything from the electric toothbrush, to satellite antennae that helped first responders in Haiti, to technologies that keep our food safe and our military’s tanks from overheating in the desert.

"The only way to turn our economy around is to continue investing in the small businesses in Nevada, and across our country, that are come up with the next brilliant technological advancement that will put people back to work."

"We have already created the formula to get the best return on our investment in small, high-technology firms," said Sen. Landrieu. "Businesses like Mezzo Technologies in Louisiana, which began with only two employees, now has an annual payroll of $1.2 million. That’s putting Americans back to work with cost-effective investments in America’s entrepreneurs through programs like SBIR and STTR.

"In addition to the good return on investment from Mezzo, we’ve got the undeniable success of Qualcomm. With roughly $1.5 billion in SBIR awards, Qualcomm now pays more than $1 billion in annual taxes -- essentially paying for half of the SBIR and STTR programs each year.

"Clearly, there is a plan of action in place. Now it’s time for to execute, and I hope my colleagues will join me in supporting America’s innovators and job creators."

Since the SBIR and STTR programs began 28 years ago, Louisiana has received nearly $60 million and 239 grant awards for its small-business community. Louisiana-based NuPotential received more than $550,000 in STTR grants in collaboration with Louisiana State University to improve cattle somatic cell nuclear transfer [cloning] using NuPotential technology.

Over the last three decades, Nevada has received more than $76 million in grants -- 224 awards, with an average of $341,549 per award -- placing Nevada seventh among all states in dollars-per-award average and well above the national average of $316,341 per award per state.

The Henderson, Nev.-based company, K2 Energy Solutions -- one of the nation’s leaders of rechargeable battery technology -- has received nearly $140,000 in SBIR grants to create an updated BB-2590 battery for the U.S. Army that is three times as powerful, can be used longer, is lighter-weight, capable of a faster recharge, and costs less than the original. Such improvements will drastically reduce the number of batteries that troops must carry in the field, and save weight and logistics needed to transport the battery to the field.

After 10 short-term reauthorizations since 2008, the Senate will soon vote to give stability to the SBIR and STTR programs, so that they can continue to support America’s small businesses. Stay tuned...

SOURCES: GovTrack.us, U.S. Committee on Small Business and Entrepreneurship
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Landrieu Praises Extension of Important Recovery Act Lending Provisions to Benefit Small Businesses

Late last evening, United States Senator Mary L. Landrieu [D-La., pictured], chair of the Senate Committee on Small Business and Entrepreneurship, commented on passage of the extension of several American Recovery and Reinvestment Act [ARRA] provisions that were set to expire on April 30, 2010. The extension provided $80 million to extend the higher guaranty for 7[a] loans, plus fee waivers for borrowers of 7[a] and 504 Small Business Administration [SBA] loans.

These measures complement recently enacted small-business tax incentives included in the HIRE Act -- such as the new-hire payroll tax exemption, and the extended section 179 small-business expensing provision. The Senate voted 59-38 to extend the provisions that eliminated borrower fees for small businesses looking to grow their companies through May 31, 2010.

"The Recovery Act provisions extended tonight will continue to free up credit for small businesses looking to expand, hire new workers or upgrade equipment," said Sen. Landrieu. "I applaud my colleagues in Congress for recognizing the success of these lending programs, and thank them for their continued support of small businesses across the country. Ranking Member Olympia Snowe [R-Maine] has shown her commitment to true bipartisanship for the good of small businesses still struggling to stay afloat.

"As we continue to support America’s entrepreneurs, we must continue to look at a longer-term extension of these provisions to continue this country’s small-business growth. The Small Business Committee has a package of proposals that have passed the Committee by wide, bipartisan margins, and we will continue to work on their inclusion in the next jobs bill debated by the Senate and urge their swift adoption."

SOURCES: Internal Revenue Service, U.S. Senate Committee on Small Business and Entrepreneurship, U.S. Small Business Administration
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