Federal research dollars that go to small businesses could double if Congress approves a bill introduced by Indiana Sen. Evan Bayh on Aug. 1, The South Florida Business Journal reported. Currently 11 federal agencies with large outside research budgets are required to set aside 2.5 percent of that money for small businesses.

Bayh’s legislation would increase the funding for the Small Business Innovation Research program to 5 percent. Currently, the program provides nearly $2 billion in funding to about 5,000 small businesses each year, which is used to research the feasibility of new ideas and technologies for start-up companies.

The efforts are further supported by a new report from the National Research Council, which found that 20 percent of SBIR grants lead to new companies and one-third of the funding goes toward companies new to the program. The council recommended increasing funding for the program to keep up with inflation.