Innovation America_COMPETES_Act

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1 innovation

1.1 office of innovation , entrepreneurship

1.1.1 federal loan guarantees innovative technologies in manufacturing


1.2 regional innovation program





innovation
office of innovation , entrepreneurship

through competes act secretary of commerce established office of innovation , entrepreneurship foster innovation , commercialization of new technologies, products, processes, , services goal of promoting productivity , economic growth in united states. office of innovation , entrepreneurship responsible developing policies accelerate innovation , advance commercialization of research , development, including federally funded research , development, identifying existing barriers innovation , commercialization, including access capital , other resources, , ways overcome barriers, particularly in states participating in experimental program stimulate competitive research, providing access relevant data, research, , technical assistance on innovation , commercialization; strengthening collaboration on , coordination of policies relating innovation , commercialization, including focused on needs of small businesses , rural communities, within department of commerce, between department of commerce , other federal agencies, , between department of commerce , appropriate state government agencies , institutions, appropriate; , other duties determined secretary.


federal loan guarantees innovative technologies in manufacturing

the secretary shall establish program provide loan guarantees obligations small- or medium-sized manufacturers use or production of innovative technologies. loan guarantee may made under program project re-equips, expands, or establishes manufacturing facility in united states to



a loan guarantee may made under program borrower small- or medium-sized manufacturer. loan guarantee not exceed amount equal 80 percent of obligation, estimated @ time @ loan guarantee issued. no loan guarantee shall made unless secretary determines there reasonable prospect of repayment of principal , interest on obligation borrower; amount of obligation (when combined amounts available borrower other sources) sufficient carry out project; obligation not subordinate other financing; obligation bears interest @ rate not exceed level secretary determines appropriate, taking account prevailing rate of interest in private sector similar loans , risks; , term of obligation requires full repayment on period not exceed lesser of 30 years; or 90 percent of projected useful life, determined secretary, of physical asset financed obligation.


regional innovation program

under competes federal government encourages , supports development of regional innovation strategies, including regional innovation clusters , science , research parks.


grants awarded under subsection may used activities determined appropriate secretary, including following:



feasibility studies
planning activities
technical assistance
developing or strengthening communication , collaboration between , among participants of regional innovation cluster.
attracting additional participants regional innovation cluster
facilitating market development of products , services developed regional innovation cluster, including through demonstration, deployment, technology transfer, , commercialization activities
developing relationships between regional innovation cluster , entities or clusters in other regions
interacting public , state , local governments meet goals of cluster

the maximum amount of loan principal guaranteed under subsection may not exceed— ‘‘(a) $50,000,000 respect single project; , ‘‘(b) $300,000,000 respect projects.







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