Sec. 100201. Grants for business incubators
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In addition to amounts otherwise available, there is appropriated to the Small Business Administration for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $1,000,000,000, to remain available until September 30, 2031, for carrying out section 50 of the Small Business Act, as added by subsection (b). Of the amounts made available under this subsection for a fiscal year, not more than 15 percent shall be available for administrative expenses and costs related to monitoring and oversight.
The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended by inserting after section 49, as added by section 10104, the following: In this section: The term business incubator means an organization that— provides resources, which may include physical workspace and facilities, to startups and established small business concerns; is designed to accelerate the growth and success of small business concerns through a variety of business support resources and services, including— access to capital, business education, and counseling; networking opportunities; mentorship opportunities; and other services intended to aid in developing a business.
The term economic development organization — means a regional, State, tribal, or local private nonprofit organization established for purposes of promoting or otherwise facilitating economic development; and includes community financial institutions, as defined in section 7(a)(36)(A). The term eligible applicant means— an economic development organization; an eligible entity, as defined in section 7(j)(10)(K)(i)(II); an SBA partner organization; or any entity that provides support to startups and small business concerns, as determined by the Administrator.
The term eligible small business concern means a business concern that— is organized or incorporated in the United States; is operating primarily in the United States; meets— the applicable industry-based size standard established under section 3; or the alternate size standard applicable to the program under section 7(a) or the loan programs under title V of the Small Business Investment Act of 1958; is in the planning stages or has been in business for not more than 5 years as of the date on which assistance under this section commences; and is— owned and controlled by 1 or more members of an underrepresented community; or a Native Entity, as defined in section 7(j)(10)(K)(i).
The term member of an underrepresented community means an individual who is— a resident of— a low-income community, as defined in section 45D(e) of the Internal Revenue Code of 1986; a low-income rural community; or a HUBZone, as defined in section 31(b); a member of an Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the most recent list published pursuant to section 104 of the Federally Recognized Indian Tribe List Act of 1994; an individual with a disability, as defined in section 3 of the Americans with Disabilities Act of 1990; a veteran; an individual who completed a term of imprisonment; or otherwise identified by the Administrator.
The term SBA partner organization means any organization awarded financial assistance in the form of a grant, cooperative agreement, or contract for the purpose of conducting a public project funded, either in whole or in part, under a program of the Administration. The Administrator may provide financial assistance on a competitive basis in the form of a grant, prize, cooperative agreement, or contract for an eligible applicant to provide the services of a business incubator to eligible small business concerns.
An eligible applicant that receives assistance under this section shall support areas that serve members of an underrepresented community and provide services that shall— be carried out in such areas as to provide maximum accessibility and benefits to the eligible small business concerns that the project is intended to serve; and not impose or otherwise collect a fee or other compensation from eligible small business concerns in connection with such services. An eligible applicant that receives financial assistance under this section may share such assistance among one or more business incubators to expand access to resources, information, and best practices.
An award of financial assistance under this section shall be for not more than $1,250,000 for each fiscal year for which the award is granted. At the discretion of the Administrator and in addition to any other civil or criminal consequences, the Administrator shall withhold payments to an eligible applicant or order the eligible applicant to return any assistance provided under this section for failure to abide by the terms and conditions of such assistance. .
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Sec. 100201
Grants for business incubators
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