Sec. 100602. New start entrepreneurial development program for formerly incarcerated individuals
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/bill/117/hr/5376/eh/section-100602·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to amounts otherwise available, there is appropriated to the Small Business Administration, out of any money in the Treasury not otherwise appropriated for fiscal year 2022, $35,000,000, to remain available until September 30, 2029, for carrying out this section. In this section— The term covered individual means an individual who— completed a term of imprisonment; and meets the offense eligibility requirements set forth in any applicable policy notice or other guidance issued by the Small Business Administration for the program established under section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ).
The terms intermediary and microloan have the meanings given those terms, respectively, in section 7(m)(11) of the Small Business Act ( 15 U.S.C. 636(m)(11) ). The term participating lender means a participating lender described under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). The term pilot program means the pilot program established under subsection (b). The term resource partner means— a small business development center (defined in section 3 of the Small Business Act ( 15 U.S.C. 632 )); a women’s business center (described under section 29 of such Act ( 15 U.S.C. 656 )); a chapter of the Service Corps of Retired Executives (established under section 8(b)(1)(B) of such Act (( 15 U.S.C. 637(b)(1)(B) )); and a Veteran Business Outreach Center (described under section 32 of such Act ( 15 U.S.C. 657b )).
The Administrator shall establish a pilot program to award grants to organizations, or partnerships of organizations, to provide assistance to covered individuals throughout the United States. An organization or partnership of organizations desiring a grant under the pilot program shall submit an application to the Administrator in such form, in such manner, and containing such information as the Administrator may reasonably require. An application submitted under paragraph
(1)shall— demonstrate that the applicant has a partnership with, or is, an intermediary that shall make microloans to covered individuals; demonstrate an ability to provide a full range of entrepreneurial development programming on an ongoing basis; include a plan for reaching covered individuals, including by identifying particular target populations within the community in which a covered individual lives; include a plan to refer covered individuals who have completed participation in the pilot program to existing resource partners and participating lenders; include a comprehensive plan for the use of grant funds, including estimates for administrative expenses and outreach costs; and any other requirements, as determined by the Administrator. As a condition of a grant provided under the pilot program, the Administrator shall require the recipient of the grant to contribute an amount equal to 25 percent of the amount of the grant, obtained solely from non-Federal sources. In addition to cash or other direct funding, the contribution required under paragraph
(1)may include indirect costs or in-kind contributions paid for under non-Federal programs.
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Sec. 100602
New start entrepreneurial development program for formerly incarcerated individuals
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