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GIP and industrial policy (IP) have similarities. Both seek to promote the development of industries and the creation of new technology. Each approach also involves government intervention in the economy to address economic issues and market failures. [11] Both use similar policy approaches, like research and development subsidies and tax credits.
The Small Business Innovation Research (or SBIR) program is a U.S. government funding program, coordinated by the Small Business Administration, intended to help certain small businesses conduct research and development (R&D). Funding takes the form of contracts or grants.
Instead, the recent focus for industrial policy has shifted towards the promotion of local business clusters and the integration into global value chains. [24] During the Reagan administration, an economic development initiative called Project Socrates was initiated to address US decline in ability to compete in world markets. Project Socrates ...
Job creation and retention through specific efforts in business finance, marketing, neighborhood development, workforce development, small business development, business retention and expansion, [24] technology transfer, and real estate development. This third category is a primary focus of economic development professionals.
In practice, the term business development and its actor, the business developer, have evolved into many usages and applications. Today, the applications of business development and the business developer or marketer tasks across industries and countries, cover everything from IT-programmers, specialized engineers, advanced marketing or key account management activities, and sales and ...
An economic development incentive is known as "cash or near-cash assistance provided on a discretionary basis to attract or retain business operations." [ 1 ] These benefits principally encompass tax and economic incentives provided by federal , state , or local governmental bodies.
SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...