§ 2.2-2233.1. Commonwealth Research Commercialization Fund; continued;purposes; report.
A. For purposes of this section:
"Qualified research and technologies" means research programs ortechnologies substantially focused in the following fields: energy,conservation, environment, microelectronics, robotics and unmanned vehiclesystems, advanced shipbuilding, or lifespan biology and medicine.
"Qualifying institution" means a public or private institution of highereducation in the Commonwealth or its associated intellectual propertyfoundation that adopts a policy regarding the ownership, protection,assignment, and use of intellectual property pursuant to § 23-4.3.
"SBIR" means the Small Business Innovation Research Program authorizedunder 15 U.S.C. § 638.
"STTR" means the Small Business Technology Transfer Program authorizedunder 15 U.S.C. § 638.
B. From such funds as may be appropriated by the General Assembly and anygifts, grants, or donations from public or private sources, there is createdin the state treasury a special nonreverting, permanent fund, to be known asthe Commonwealth Research Commercialization Fund (the Fund), to beadministered by the Authority. The Fund shall be established on the books ofthe Comptroller. Interest earned on moneys in the Fund shall remain in theFund and be credited to it. Any moneys remaining in the Fund at the end ofeach fiscal year, including interest thereon, shall not revert to the generalfund but shall remain in the Fund. Expenditures and disbursements from theFund, which may consist of grants or loans, shall be made by the StateTreasurer on warrants issued by the Comptroller upon written request bearingthe signature of the chairman or the vice-chairman of the Authority, or, ifso authorized by the Authority, bearing his facsimile signature, and theofficial seal of the Authority.
C. Awards from the Fund shall be made by the Authority. The chairman of theAuthority shall coordinate the evaluation of proposals and may form reviewpanels with the appropriate science and technology expertise to assist inreviewing applicants for grants or loans from the Fund.
Specific guidelines for the award of funds from this program shall beestablished and maintained by the Authority, in consultation with theVirginia Economic Development Partnership and the State Council of HigherEducation. These guidelines shall address, at a minimum, the applicationprocess and the composition and operation of proposal review panels, andshall give special emphasis to fostering collaboration between institutionsof higher education and partnerships between institutions of higher educationand business and industry.
D. Awards from the Fund may be granted for the following programs:
1. For fiscal years beginning with a Fund balance of less than $7 million, anSBIR matching funds program for Virginia-based technology businesses.Businesses meeting the following criteria shall be eligible to apply for anaward:
a. The applicant has received a Phase I SBIR award from the NationalInstitute of Health targeted at the development of qualified research ortechnologies;
b. The applicant employs fewer than 12 full-time employees;
c. At least 51 percent of the applicant's employees reside in Virginia; and
d. At least 51 percent of the applicant's property is located in Virginia.
Applicants shall be eligible for matching grants of up to $50,000 of thePhase I award. All applicants shall be required to submit a commercializationplan with their application.
2. For fiscal years beginning with a Fund balance of $7 million or greater,an SBIR and STTR matching funds program for Virginia-based technologybusinesses. Businesses meeting the following criteria shall be eligible toapply for an award:
a. The applicant has received an SBIR or STTR award targeted at thedevelopment of qualified research or technologies;
b. The applicant employs fewer than 12 full-time employees;
c. At least 51 percent of the applicant's employees reside in Virginia; and
d. At least 51 percent of the applicant's property is located in Virginia.
Applicants shall be eligible for matching grants of up to $100,000 for PhaseI awards and up to $500,000 for Phase II awards. All applicants shall berequired to submit a commercialization plan with their application.
3. A matching funds program to assist qualifying institutions in leveragingfederal and private funds designated for the commercialization of qualifiedresearch or technologies. The chairman of the Authority is authorized toissue letters of financial commitment to assist applicants in leveragingfederal and private funds.
4. A facilities enhancement loan program for qualifying institutions andpolitical subdivisions to provide lease or credit guarantees to assist infinancing facilities utilized for commercializing qualified research ortechnologies developed at qualifying institutions. The facilities enhancementloan program shall have the following parameters:
a. Qualifying institutions and political subdivisions may apply to the Fundfor loans to the extent that such institution's or political subdivision'soutstanding principal balance at any one time does not exceed $500,000. Loanapplications shall include business plans that detail and explain theanticipated uses of funds received and the proposed repayment schedule.
b. Loans from the Fund shall take the form of a contractual commitment to therecipient qualifying institution or political subdivision for a line ofcredit for up to five years, along with an approved schedule of repayment.During the contractual period the recipient qualifying institution orpolitical subdivision may draw upon the line of credit for any expense forwhich the loan was made, not to exceed the stated amount of the loan award.At the end of the contractual period, the line of credit shall terminate andthe outstanding balance of the withdrawals on that line of credit shallbecome the established basis for that loan.
c. During the contractual period, deferred interest shall accumulate on theoutstanding balance at a rate of three percent compounded annually. Borrowinginstitutions or political subdivisions may prepay part or all of any loanreceived from the Fund without penalty, and, if repayment is completed withinthe contractual period of the line of credit, the accumulated interestobligation shall be forgiven.
d. Repayment of the established basis shall consist of a maximum of 84 equalmonthly payments of principal and compounded interest at the determined ratebeginning on the first day of the month following the end of the contractualperiod.
E. The chairman of the Authority shall provide the Governor and the GeneralAssembly with an annual report to include a detailed list of awards and loanscommitted, the amount of each approved award or loan, a description of theapproved proposals, and the amount of federal or private matching fundsanticipated where applicable, and an assessment of the effectiveness of theFund.
(2003, c. 362; 2008, cc. 63, 527; 2009, cc. 243, 325, 810, 853.)
§ 2.2-2233.1. Commonwealth Research Commercialization Fund; continued;purposes; report.
A. For purposes of this section:
"Qualified research and technologies" means research programs ortechnologies substantially focused in the following fields: energy,conservation, environment, microelectronics, robotics and unmanned vehiclesystems, advanced shipbuilding, or lifespan biology and medicine.
"Qualifying institution" means a public or private institution of highereducation in the Commonwealth or its associated intellectual propertyfoundation that adopts a policy regarding the ownership, protection,assignment, and use of intellectual property pursuant to § 23-4.3.
"SBIR" means the Small Business Innovation Research Program authorizedunder 15 U.S.C. § 638.
"STTR" means the Small Business Technology Transfer Program authorizedunder 15 U.S.C. § 638.
B. From such funds as may be appropriated by the General Assembly and anygifts, grants, or donations from public or private sources, there is createdin the state treasury a special nonreverting, permanent fund, to be known asthe Commonwealth Research Commercialization Fund (the Fund), to beadministered by the Authority. The Fund shall be established on the books ofthe Comptroller. Interest earned on moneys in the Fund shall remain in theFund and be credited to it. Any moneys remaining in the Fund at the end ofeach fiscal year, including interest thereon, shall not revert to the generalfund but shall remain in the Fund. Expenditures and disbursements from theFund, which may consist of grants or loans, shall be made by the StateTreasurer on warrants issued by the Comptroller upon written request bearingthe signature of the chairman or the vice-chairman of the Authority, or, ifso authorized by the Authority, bearing his facsimile signature, and theofficial seal of the Authority.
C. Awards from the Fund shall be made by the Authority. The chairman of theAuthority shall coordinate the evaluation of proposals and may form reviewpanels with the appropriate science and technology expertise to assist inreviewing applicants for grants or loans from the Fund.
Specific guidelines for the award of funds from this program shall beestablished and maintained by the Authority, in consultation with theVirginia Economic Development Partnership and the State Council of HigherEducation. These guidelines shall address, at a minimum, the applicationprocess and the composition and operation of proposal review panels, andshall give special emphasis to fostering collaboration between institutionsof higher education and partnerships between institutions of higher educationand business and industry.
D. Awards from the Fund may be granted for the following programs:
1. For fiscal years beginning with a Fund balance of less than $7 million, anSBIR matching funds program for Virginia-based technology businesses.Businesses meeting the following criteria shall be eligible to apply for anaward:
a. The applicant has received a Phase I SBIR award from the NationalInstitute of Health targeted at the development of qualified research ortechnologies;
b. The applicant employs fewer than 12 full-time employees;
c. At least 51 percent of the applicant's employees reside in Virginia; and
d. At least 51 percent of the applicant's property is located in Virginia.
Applicants shall be eligible for matching grants of up to $50,000 of thePhase I award. All applicants shall be required to submit a commercializationplan with their application.
2. For fiscal years beginning with a Fund balance of $7 million or greater,an SBIR and STTR matching funds program for Virginia-based technologybusinesses. Businesses meeting the following criteria shall be eligible toapply for an award:
a. The applicant has received an SBIR or STTR award targeted at thedevelopment of qualified research or technologies;
b. The applicant employs fewer than 12 full-time employees;
c. At least 51 percent of the applicant's employees reside in Virginia; and
d. At least 51 percent of the applicant's property is located in Virginia.
Applicants shall be eligible for matching grants of up to $100,000 for PhaseI awards and up to $500,000 for Phase II awards. All applicants shall berequired to submit a commercialization plan with their application.
3. A matching funds program to assist qualifying institutions in leveragingfederal and private funds designated for the commercialization of qualifiedresearch or technologies. The chairman of the Authority is authorized toissue letters of financial commitment to assist applicants in leveragingfederal and private funds.
4. A facilities enhancement loan program for qualifying institutions andpolitical subdivisions to provide lease or credit guarantees to assist infinancing facilities utilized for commercializing qualified research ortechnologies developed at qualifying institutions. The facilities enhancementloan program shall have the following parameters:
a. Qualifying institutions and political subdivisions may apply to the Fundfor loans to the extent that such institution's or political subdivision'soutstanding principal balance at any one time does not exceed $500,000. Loanapplications shall include business plans that detail and explain theanticipated uses of funds received and the proposed repayment schedule.
b. Loans from the Fund shall take the form of a contractual commitment to therecipient qualifying institution or political subdivision for a line ofcredit for up to five years, along with an approved schedule of repayment.During the contractual period the recipient qualifying institution orpolitical subdivision may draw upon the line of credit for any expense forwhich the loan was made, not to exceed the stated amount of the loan award.At the end of the contractual period, the line of credit shall terminate andthe outstanding balance of the withdrawals on that line of credit shallbecome the established basis for that loan.
c. During the contractual period, deferred interest shall accumulate on theoutstanding balance at a rate of three percent compounded annually. Borrowinginstitutions or political subdivisions may prepay part or all of any loanreceived from the Fund without penalty, and, if repayment is completed withinthe contractual period of the line of credit, the accumulated interestobligation shall be forgiven.
d. Repayment of the established basis shall consist of a maximum of 84 equalmonthly payments of principal and compounded interest at the determined ratebeginning on the first day of the month following the end of the contractualperiod.
E. The chairman of the Authority shall provide the Governor and the GeneralAssembly with an annual report to include a detailed list of awards and loanscommitted, the amount of each approved award or loan, a description of theapproved proposals, and the amount of federal or private matching fundsanticipated where applicable, and an assessment of the effectiveness of theFund.
(2003, c. 362; 2008, cc. 63, 527; 2009, cc. 243, 325, 810, 853.)
§ 2.2-2233.1. Commonwealth Research Commercialization Fund; continued;purposes; report.
A. For purposes of this section:
"Qualified research and technologies" means research programs ortechnologies substantially focused in the following fields: energy,conservation, environment, microelectronics, robotics and unmanned vehiclesystems, advanced shipbuilding, or lifespan biology and medicine.
"Qualifying institution" means a public or private institution of highereducation in the Commonwealth or its associated intellectual propertyfoundation that adopts a policy regarding the ownership, protection,assignment, and use of intellectual property pursuant to § 23-4.3.
"SBIR" means the Small Business Innovation Research Program authorizedunder 15 U.S.C. § 638.
"STTR" means the Small Business Technology Transfer Program authorizedunder 15 U.S.C. § 638.
B. From such funds as may be appropriated by the General Assembly and anygifts, grants, or donations from public or private sources, there is createdin the state treasury a special nonreverting, permanent fund, to be known asthe Commonwealth Research Commercialization Fund (the Fund), to beadministered by the Authority. The Fund shall be established on the books ofthe Comptroller. Interest earned on moneys in the Fund shall remain in theFund and be credited to it. Any moneys remaining in the Fund at the end ofeach fiscal year, including interest thereon, shall not revert to the generalfund but shall remain in the Fund. Expenditures and disbursements from theFund, which may consist of grants or loans, shall be made by the StateTreasurer on warrants issued by the Comptroller upon written request bearingthe signature of the chairman or the vice-chairman of the Authority, or, ifso authorized by the Authority, bearing his facsimile signature, and theofficial seal of the Authority.
C. Awards from the Fund shall be made by the Authority. The chairman of theAuthority shall coordinate the evaluation of proposals and may form reviewpanels with the appropriate science and technology expertise to assist inreviewing applicants for grants or loans from the Fund.
Specific guidelines for the award of funds from this program shall beestablished and maintained by the Authority, in consultation with theVirginia Economic Development Partnership and the State Council of HigherEducation. These guidelines shall address, at a minimum, the applicationprocess and the composition and operation of proposal review panels, andshall give special emphasis to fostering collaboration between institutionsof higher education and partnerships between institutions of higher educationand business and industry.
D. Awards from the Fund may be granted for the following programs:
1. For fiscal years beginning with a Fund balance of less than $7 million, anSBIR matching funds program for Virginia-based technology businesses.Businesses meeting the following criteria shall be eligible to apply for anaward:
a. The applicant has received a Phase I SBIR award from the NationalInstitute of Health targeted at the development of qualified research ortechnologies;
b. The applicant employs fewer than 12 full-time employees;
c. At least 51 percent of the applicant's employees reside in Virginia; and
d. At least 51 percent of the applicant's property is located in Virginia.
Applicants shall be eligible for matching grants of up to $50,000 of thePhase I award. All applicants shall be required to submit a commercializationplan with their application.
2. For fiscal years beginning with a Fund balance of $7 million or greater,an SBIR and STTR matching funds program for Virginia-based technologybusinesses. Businesses meeting the following criteria shall be eligible toapply for an award:
a. The applicant has received an SBIR or STTR award targeted at thedevelopment of qualified research or technologies;
b. The applicant employs fewer than 12 full-time employees;
c. At least 51 percent of the applicant's employees reside in Virginia; and
d. At least 51 percent of the applicant's property is located in Virginia.
Applicants shall be eligible for matching grants of up to $100,000 for PhaseI awards and up to $500,000 for Phase II awards. All applicants shall berequired to submit a commercialization plan with their application.
3. A matching funds program to assist qualifying institutions in leveragingfederal and private funds designated for the commercialization of qualifiedresearch or technologies. The chairman of the Authority is authorized toissue letters of financial commitment to assist applicants in leveragingfederal and private funds.
4. A facilities enhancement loan program for qualifying institutions andpolitical subdivisions to provide lease or credit guarantees to assist infinancing facilities utilized for commercializing qualified research ortechnologies developed at qualifying institutions. The facilities enhancementloan program shall have the following parameters:
a. Qualifying institutions and political subdivisions may apply to the Fundfor loans to the extent that such institution's or political subdivision'soutstanding principal balance at any one time does not exceed $500,000. Loanapplications shall include business plans that detail and explain theanticipated uses of funds received and the proposed repayment schedule.
b. Loans from the Fund shall take the form of a contractual commitment to therecipient qualifying institution or political subdivision for a line ofcredit for up to five years, along with an approved schedule of repayment.During the contractual period the recipient qualifying institution orpolitical subdivision may draw upon the line of credit for any expense forwhich the loan was made, not to exceed the stated amount of the loan award.At the end of the contractual period, the line of credit shall terminate andthe outstanding balance of the withdrawals on that line of credit shallbecome the established basis for that loan.
c. During the contractual period, deferred interest shall accumulate on theoutstanding balance at a rate of three percent compounded annually. Borrowinginstitutions or political subdivisions may prepay part or all of any loanreceived from the Fund without penalty, and, if repayment is completed withinthe contractual period of the line of credit, the accumulated interestobligation shall be forgiven.
d. Repayment of the established basis shall consist of a maximum of 84 equalmonthly payments of principal and compounded interest at the determined ratebeginning on the first day of the month following the end of the contractualperiod.
E. The chairman of the Authority shall provide the Governor and the GeneralAssembly with an annual report to include a detailed list of awards and loanscommitted, the amount of each approved award or loan, a description of theapproved proposals, and the amount of federal or private matching fundsanticipated where applicable, and an assessment of the effectiveness of theFund.
(2003, c. 362; 2008, cc. 63, 527; 2009, cc. 243, 325, 810, 853.)
