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Mark PryorWashington, DC – The Senate Commerce, Science and Transportation Committee today unanimously passed legislation, introduced by Senators Mark Pryor (D-AR) and Olympia Snowe (R-ME), intended to spur innovation and economic development through the development of science parks.

The Building a Stronger America Act will help construct or expand science parks, which seek to encourage new startup businesses, generate student interest in science and technology fields, and encourage relationships between universities and industry. Specifically, the legislation allows the Secretary of Commerce to guarantee up to 80 percent of loans exceeding $10 million for the construction of science parks. The bill would also provide grants for the development of feasibility studies as well as plans for the construction of new, or expansion of existing, science parks. Finally, the bill would require the National Academy of Sciences to evaluate the program.

Original Article: Senator Mark Pryor Press Releases