The Direct Financial Assistance Grant for Businesses Engaged in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Federal Programs has a total budget of $875,000 and will offer two grant components:
$25,000 Direct Funding for SBIR/STTR Phase I, Fast Track or Direct to Phase II award/contract winners (“Direct Funding”).
$50,000 Bridge Funding for SBIR/STTR Phase II applicants (“Bridge Funding”).
Applicants to the Round 5, CSIT Direct Financial Assistance SBIR/STTR Program may only apply for one component (either a Direct Funding or Bridge Funding). CSIT reserves the right to reallocate funds between the two components of the Direct Financial Assistance programs.
Direct Funding for SBIR/STTR Phase I, Fast Track or Direct to Phase II Federal Applicants:
Phase I of the Federal SBIR/STTR program is intended to establish technical merit, feasibility, and commercial potential of the proposed research and development efforts. Federal Phase I awards normally do not exceed $150,000 in total costs for six months. To help New Jersey Phase I, Fast Track or Direct to Phase II award/contract winners increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding, CSIT will provide a grant of $25,000 to New Jersey small businesses that receive a Phase I, Fast Track or Direct to Phase II award/contract. The grant funding is intended to reduce the financial burden on these growing small businesses and improve their chances of applying and winning Phase II awards. The grant will be flexible to help cover general operational expenses.
Bridge Funding for Phase II Federal Applicants:
The gap between application and award notice for Phase II of the Federal SBIR/STTR program can be up to six months and it is during this period that small businesses often struggle to secure funding and maintain operations. CSIT will offer funding of $50,000 to New Jersey small businesses that have successfully completed Phase I of Federal SBIR/STTR program and have applied for Phase II funding. The funding is intended to enable these businesses to maintain operations while waiting on Phase II awards.
Applications will now be accepted on a rolling basis. Grants will be awarded on a rolling basis. All complete applications that meet the program eligibility criteria and are in compliance with the required documentation will receive awards until the total funding amount is exhausted.
Each approved grant will be valid for a period of 12 months starting from date of the execution of the grant agreement