; or (iii) entrepreneurs who are commercializing new products or services. (E) Providing financial grants, loans, or direct financial investment in companies that are commercializing technology. (b) Grant program authorized (1) In general Each Federal agency that has an extramural budget for research or research and development that is in excess of $100,000,000 for each of fiscal years 2018 through 2022, shall transfer 0.15 percent of such extramural budget for each of such fiscal years to the Secretary to enable the Secretary to carry out a grant program in accordance with this subsection. (2) Grants (A) Awarding of grants (i) In general From funds transferred under paragraph (1), the Secretary shall use the criteria developed by the Council to award grants to eligible entities for initiatives to improve commercialization and transfer of technology. (ii) Request for proposals Not later than 30 days after the Council submits the recommendations for criteria to the Secretary under subsection (c)(4)(B), and annually thereafter for each fiscal year for which the grant program is authorized, the Secretary shall release a request for proposals. (iii) Applications Eligible entities that desire to receive a grant under this subsection shall submit an application to the Secretary not later than 90 days after the Secretary releases the request for proposals under clause (ii). (iv) Council review (I) In general The Secretary shall submit each application received under clause (iii) to the Council for Council review. (II) Recommendations The Council shall review each application received under subclause (I) and submit recommendations for grant awards to the Secretary, including funding recommendations for each proposal. (III) Public release The Council shall publicly release any recommendations made under subclause (II). (IV) Consideration of recommendations In awarding grants under this subsection, the Secretary shall take into consideration the recommendations of the Council under subclause (II). (B) Commercialization