Sec. 203. Office of Youth Entrepreneurship
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Not later than 1 year after the date of enactment of this Act, the Administrator of the Small Business Administration shall establish an Office of Youth Entrepreneurship (in this section referred to as the Office ) in the Small Business Administration. The Administrator shall appoint a Director of Youth Entrepreneurship (in this section referred to as the Director ) to serve as the head of the Office. The Director shall— carry out the youth entrepreneurship technical assistance grant program described in subsection (d); carry out the youth entrepreneurship curriculum grant program described in subsection (e); promote the growth of youth entrepreneurship by establishing public-private partnerships and carrying out advertising campaigns; sponsor and support State and national youth entrepreneurship competitions that raise awareness of the importance of small business development; study and promote Federal activities that support entrepreneurship education; and support the establishment of public and private youth entrepreneurship education and mentoring opportunities.
The Director shall establish a program under which the Director may make grants to assist entities, including nonprofit microenterprise development organizations, to provide individuals under 25 years of age with technical assistance related to entrepreneurship. The Director shall establish a program under which the Director may make grants to a covered entity to assist the development, improvement, or implementation of a youth entrepreneurship curriculum that includes information on the topics of— securing capital and borrowing; business plan conception and drafting; accounting; management; and marketing.
To be eligible for a grant described in paragraph (1), a covered entity shall submit to the Director an application at such time, in such manner, and containing such information as the Director may require, except that the application shall include at least— a description of the curriculum to be developed, improved, or implemented; a description of how grant funds will be used; a description of goals relating to the use of grant funds and the curriculum to be developed, improved, or implemented; and a description of how progress will be measured with respect to the goals described in subparagraph (C).
In this subsection, the term covered entity means a local educational agency in any of the several States, the District of Columbia, or a territory or possession of the United States and a local educational agency of a federally recognized Indian tribe. The Director shall ensure that at least 25 percent of the amounts made available to carry out the Office each fiscal year are used to assist youth in investment areas. In this subsection, the term investment area has the meaning given that term in section 103(16) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4702(16)).
Not later than 180 days after the date of enactment of this Act, the Director, in consultation with the Secretary of Education, shall submit to Congress a report that includes detailed recommendations for legislation— establishing a program to forgive student loans in a manner that assists youth entrepreneurship by making available capital for business formation; and establishing a program to defer student loan repayments in a manner that assists youth entrepreneurship by making available capital for business formation.
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Sec. 203
Office of Youth Entrepreneurship
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