Sec. 221. Economic growth, retention, and recruitment of commercial investment in economically underserved communities
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The Small Business Investment Act of 1958 ( 15 U.S.C. 661 et seq.) is amended by adding at the end the following new title: The purpose of this title is to assist with the economic growth of economically underserved communities that have potential for strong Class 1 commercial investment, but that continue to have a difficult time recruiting Class 1 commercial investment. From amounts appropriated under section 814, the Administrator shall make grants on a competitive basis to an eligible community for— the creation of a grant program or revolving loan fund program (or both) that helps develop financing packages for Class 1 commercial investment in the community; lowering real estate property tax rates in the community; conducting community-wide market analysis to help recruit and retain Class 1 commercial investment; creating employment training programs for Class 1 business customer service, sales, and managerial positions in the community; retail marketing strategies to solicit new Class 1 commercial investment starts in the community; program allowances for activities to promote Class 1 commercial investment in the community, such as the publication of marketing materials, development of economic development web pages, and educational outreach activities with retail trade associations; and hiring business recruitment specialists to operate in the community.
The Administrator may only make a grant under subsection
(a)to a community whose demographics include— a median per capita income no higher than $35,000; and an identified lack of Class 1 commercial investment. A community seeking a grant under subsection
(a)shall submit an application at such time, in such form, and containing such information and assurances as the Administrator may require, except that the application shall include— a description of how the community, through the activities the community proposes to carry out with the grant funds will recruit, retain and grow its economy through Class 1 commercial investment; and a description of the difficulty the community has faced recruiting, retaining and growing its economy through Class 1 commercial investment. The Administrator may not make a grant to a community under subsection
(a)unless the community agrees that, with respect to the costs to be incurred by the community in carrying out the activities for which the grant is awarded, the community will make available non-Federal contributions in an amount equal to not less than 10 percent of the Federal funds provided under the grant. The non-Federal contributions required under paragraph
(1)may be— in cash or in-kind, including services, fairly evaluated; and from— any private source; State or local governmental entity; or nonprofit source. The Administrator may waive or reduce the non-Federal contribution required by paragraph
(1)if the community involved demonstrates that the community cannot meet the contribution requirement due to financial hardship. Amounts appropriated pursuant to the authorization of appropriations in section 814 for a fiscal year shall be allocated as follows: No more than 5 percent of such funds shall go to administrative costs; 70 percent of such funds shall go toward activities described in paragraphs
(1)through
(4)of subsection (a), after taking into account administrative costs under subparagraph (A); and 30 percent of such funds shall go toward activities described in paragraphs
(5)through
(7)of subsection (a), after taking into account administrative costs under subparagraph (A). In this title: The term community means a governance structure that includes county, parish, city, village, township, district or borough. The term Class 1 commercial investment means retail grocery chains, food service retailers, restaurants and franchises, retail stores, cafes, shopping malls, and other shops. The term economically underserved community means an area suffering from low income and resultant low purchasing power, limiting its ability to generate sufficient goods and services to be used in exchange with other areas to meet current consumption needs. There is authorized to be appropriated to the Administrator to make grants under section 812(a) $40,000,000 for each of fiscal years 2018 through 2024. .
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Sec. 221
Economic growth, retention, and recruitment of commercial investment in economically underserved communities
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