December 10, 2025
Ms. Cortez Masto (for herself and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
To require the Administrator of the Small Business Administration to establish an Innovation Voucher Grant Program.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. Short title
This Act may be cited as the Small Business Innovation Voucher Act of 2025
.
Sec. 2. Definitions
In this Act:
(1) Administrator
The term Administrator means the Administrator of the Small Business Administration.
(2) Eligible entity
The term eligible entity means—
(A)
an institution of higher education, as defined in section 101 of the Higher Education Act of 1965 (20 U.S.C. 1001); or
(B)
a nonprofit research lab, institution, or other similar organization in the United States associated with educational or research activities, including a federally funded research and development center.
(3) Program
The term Program means the Innovation Voucher Grant Program established under section 3.
(4) Small business concern
The term small business concern has the meaning given the term in section 3 of the Small Business Act (15 U.S.C. 632).
Sec. 3. Innovation Voucher Grant Program
(a) Establishment
Not later than 180 days after the date of enactment of this Act, the Administrator shall establish a program to be known as the Innovation Voucher Grant Program under which the Administrator shall, on a competitive basis and in accordance with subsection (f), award grants to small business concerns for the Federal share of the cost of purchasing from eligible entities technical assistance and services necessary to carry out projects to advance research, development, or commercialization of new or innovative products and services.
(b) Purposes of program
The purposes of the Program are—
(1)
to foster collaboration between small business concerns and research institutions or other similar organizations;
(2)
to facilitate access by small business concerns to capital-intensive infrastructure and advanced research capabilities;
(3)
to enable small business concerns to access technical expertise and capabilities that will lead to the development of innovative products;
(4)
to promote business dynamism and competition;
(5)
to stimulate United States leadership in advanced research, innovation, and technology;
(6)
to accelerate the development of an advanced workforce; and
(7)
to preserve and create new jobs.
(c) Application
(1) In general
A small business concern desiring a grant under the Program shall submit to the Administrator an application with the eligible entity from which the small business concern will purchase technical assistance and services using funds awarded under the grant.
(2) Selection
Not later than 180 days after the deadline established by the Administrator to submit applications under paragraph (1), the Administrator shall select the recipients of the grants under the Program.
(d) Evaluation
In evaluating an application for a grant under the Program, the Administrator shall take into consideration—
(1)
the likelihood that funds awarded under the grant will be used to create or advance a novel product or service;
(2)
the feasibility of creating or advancing a novel product or service proposed to be created or advanced using funds awarded under the grant; and
(3)
whether creating or advancing a product or service proposed to be created or advanced using funds awarded under the grant could be accomplished without a grant awarded under the Program.
(e) Amount
A grant made under the Program shall be made in an amount of not less than $15,000 and not more than $75,000, which shall remain available to the grantee until expended.
(f) Federal share
The Federal share of the cost of purchasing technical assistance and services described in subsection (a) using funds awarded under a grant made under the Program shall be—
(1)
not more than 75 percent, if the amount of the grant is less than $50,000; and
(2)
not more than 50 percent, if the amount of the grant is not less than $50,000.
(g) Reports
(1) Reports from grant recipients
Not later than 180 days after the date on which a project carried out under a grant awarded under the Program is completed, the recipient of the grant shall submit to the Administrator a report on the project, including—
(A)
whether and how the project met the original expectations for the project;
(B)
how the results of the project were incorporated in the business of the grant recipient; and
(C)
whether and how the project improved innovation practices of the grant recipient.
(2) Report of the Administrator
Not later than 2 years after the date on which the Administrator establishes the Program, and every 2 years thereafter until the date on which the amounts appropriated for the Program are expended, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on grants awarded under the Program, including—
(A)
a description of the grants awarded;
(B)
the estimated number of products or services created or advanced under grants awarded under the Program that could have been created or advanced without grants awarded under the Program; and
(C)
a description of the impact of the Program on knowledge transfer and commercialization.
(3) Final report of the Administrator
Not later than 180 days after the date on which amounts appropriated for the Program are expended, the Administrator shall submit to the committees described in paragraph (2) a final report containing the information described in subparagraphs (A), (B), and (C) of that paragraph.
Sec. 4. Authorization of appropriations
(a) In general
There is authorized to be appropriated to the Administrator to carry out the Program $10,000,000 for each of fiscal years 2026 through 2030, to remain available until expended.
(b) Administrative costs
Not more than 5 percent of amounts appropriated under subsection (a) may be used for administrative costs.