Sec. 1103. Purposes
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The purposes of the Innovation Centers Program established under section 49 of the Small Business Act, as added by this title, are to— spur economic growth in underserved communities by creating good paying jobs and pathways to prosperity; increase prospects for success for small business concerns in underserved communities, which often suffer from higher business failure rates than the national average; help create a pipeline for small business concerns in underserved and rural markets into high-growth sectors, where they are generally underrepresented; help address the multi-decade decline in the rate of new business creation; close the gaps that underserved small business concerns often have in terms of revenue and number of employees, which represent lost opportunity for the economy of the United States; and encourage collaboration between the Administration and institutions of higher learning that serve low-income and minority communities.