Sec. 100301. Growth Accelerator Competition
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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, $400,000,000, to remain available until September 30, 2031, for carrying out section 52 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 5 percent shall be available for administrative expenses related to carrying out this section.
The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended by inserting after section 51, as added by section 10202 of this title, the following: In this section: The term award means a grant, prize, contract, cooperative agreement, or other cash or cash equivalent (as determined by the Administrator). The term disability has the meaning given the term in section 3 of the Americans with Disabilities Act of 1990. The term eligible entity means— an eligible entity, as defined in section 49; or an organization that is a growth accelerator located in the United States.
The term growth accelerator means an organization that— supports new small business concerns that have a focus on technology, research, and development; frequently provides, but is not exclusively designed to provide, seed investment in exchange for a small amount of equity; works with a new small business concern for a predetermined amount of time; provides mentorship and instruction to small business concerns to scale businesses; or offers startup capital or the opportunity to raise capital from outside investors.
The term new small business concern means a small business concern that has been in operation for not more than 5 years. The Administrator shall make competitive awards of not less than $100,000 to eligible entities to accelerate the growth of new small business concerns by providing— assistance to small business concerns with accessing capital and finding mentors and networking opportunities; and advice to small business concerns, including advising on market analysis, company strategy, revenue growth, commercialization, and securing funding.
An award under this section— may be used by an eligible entity for construction costs, acquisition of physical workspace and facilities, and programmatic purposes to benefit new small business concerns; and may not be used by an eligible entity to provide capital to new small business concerns directly or through the subaward of funds. In making awards under this section, the Administrator shall establish an application process and selection criteria, which shall include— assurances that the eligible entity will use such award to provide assistance for not less than 5 new small business concerns each year; if located within 20 miles of a minority serving institution, proof of a referral or programmatic relationship between the eligible entity and such institution; an assessment of the need for additional assistance for new small business concerns in the geographic area to be served by the eligible entity; and other criteria, as determined by the Administrator.
At the discretion of the Administrator and in addition to any other civil or criminal consequences, the Administrator shall withhold payments to an eligible entity or order the eligible entity to return an award made under this section for failure to abide by the terms and conditions of the award. .
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Sec. 100301
Growth Accelerator Competition
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