The Small Business Administration (SBA) has teamed up with U.S. foreign aid agency Millennium Challenge Corporation (MCC) in a push to help smaller companies bring emerging technology to international markets for potential use in multiple sectors.
SBA said Saturday that it signed a memorandum of understanding with MCC to explore innovations that align with country-specific technological needs in renewable energy, agriculture and irrigation, health, water and sanitation.
John Williams, director of innovation at SBA, said the partnership intends to support businesses working on emerging technology to potentially address complex problems in some parts of the world.
The two agencies jointly organized a virtual roundtable in November 2020 and hosted a second event that coincides with the signing of the MoU.
Fatema Sumar, vice president of MCC's compact operations department, noted that the agency partners with other U.S. government organizations to create a joint impact and attract private companies to blended finance initiatives.
SBA, which coordinates Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) programs across the federal government, awards more than $4 billion in research and development grants annually and helped MCC establish an innovation and technology program.