SBA opens nomination for prestigious R&D awards

Putting an emphasis on the role of modern technology and bringing about economic prosperity and better quality of living, the United States Small Business Administration is gearing up for this year’s Tibbetts Awards, the agency’s highest national technology recognition.

The prestigious Tibbetts Awards are conferred every year to individuals, small businesses and organizations involved with federal research and development through SBA’s Small Business Innovation Research Program.

SBA Administrator Aida Alvarez said the Tibbets Awards was established to honor and give recognition to the tireless efforts of some of the most creative and innovative small businesses in the nation each year.

“The nomination process is only a start and we expect to see the same high caliber applicants as we have in the past,” according to Ms. Alvarez, adding that nomination packages are due by July 14, 2000.

The SBIR program accounts for more than $1 billion per year in federal research and development funds, and is coordinated by the SBA in cooperation with 10 other federal agencies.

In selecting the prestigious Tibbetts awardees, SBA gives emphasis on the economic impact of the technological innovation, overall business and achievement, and demonstration of effective collaborations.

Names after Roland Tibbetts who spearheaded the creation of the SBIR program, the prestigious awards were conferred last year to companies and individuals from almost every American state.

In 1999, SBA maintained a guaranteed loan portfolio of more than $40.5 billion in loans to 486 small businesses that otherwise would not have had such access to capital.

The agency provided over $300,000 in credit package to the Commonwealth Development Authority last year for the establishment of the Microloan Program in the Northern Marianas, which made the CNMI the first microlender in Micronesia.

Under the program, small businesses can obtain as much as $25,000 in fresh loans. CDA is the first microlender in the Western Pacific although talks are already underway for the SBA to extend the program in other Micronesian islands.

The Microloan Program is expected to offshoot the slowdown in lending activities undertaken by private commercial banks due to economic downturn which virtually dampened capabilities by borrowers to repay loans.

CDA is the only government agency which grants all types of loans to local residents of the Northern Marianas at interest rates lower than what are offered by commercial financial institutions. (ARF)