The West Virginia Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program is established. It shall be administered by the department which is hereby authorized to promulgate legislative rules governing the program. In order to foster job creation and economic development in the state, the department may provide grants to eligible small businesses to match funds they receive from Small Business Innovation Research or Small Business Technology Transfer Phase I and Phase II awards. The department will pay the grants from the fund known as the "Entrepreneurship and Innovation Investment Fund" created pursuant to §5B-2-16 of this code.
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