Glossary Of Small Business Terms part 39

locations at http://www.sba.gov/gopher/Local-Information/Small-Business-Development-Centers/).

SMALL BUSINESS INNOVATION RESEARCH (SBIR) CONTRACT A type of contract designed to foster technological innovation by small businesses with 500 or fewer employees. The SBIR contract program provides for a three-phased approach to research and development projects: technological feasibility and concept development; the primary research effort; and the conversion of the technology to a commercial application.

SMALL BUSINESS INVESTMENT ACT It is declared to be the policy of the Congress and the purpose of this Act to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.

SMALL BUSINESS INVESTMENT COMPANY (SBIC) SBICs, licensed by the Small Business Administration, are privately owned and managed investment firms. They are participants in a vital partnership between government and the private sector economy.

With their own capital and with funds borrowed at favorable rates through the Federal Government, SBICs provide venture capital to small independent businesses, both new and already established.

SMALL BUSINESS TECHNOLOGY TRANSFER PROGRAM (STTR) STTR is an important new small business program that expands funding opportunities in the federal innovation research and development arena. Central to the program is expansion of the public/private sector partnership to include the joint venture opportunities for small business and the nation's premier nonprofit research institutions. STTR's most important role is to foster the innovation necessary to meet the nation's scientific and technological challenges in the 21st century.

SMALL DISADVANTAGED BUSINESS (SDB) SBA certifies SDBs to make them eligible for special bidding benefits. SDBs are at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. This can include a publicly owned business that has at least 51 percent of its stock unconditionally owned by one or more socially and economically disadvantaged individuals and whose management and daily business is controlled by one or more such individuals.

SMALL DISADVANTAGED BUSINESS CONCERN A small business concern that is at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. This can include a publicly owned business that has at

Glossary Of SmallBusiness Terms part 40

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