Sec. 3. Grant program

735 words·~3 min read·/bill/118/hr/6457/ih/section-3

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Not later than 180 days after the date of enactment of this Act, the Administrator, in consultation with the Under Secretary, shall establish a grant program within the Small Business Administration, the purpose of which shall be to create or expand programs at minority-serving institutions that foster, promote, and increase programs, initiatives, or opportunities for minority entrepreneurship and business ownership among student entrepreneurs enrolled at such a minority-serving institution.

A minority-serving institution seeking a grant under the Program shall submit to the Administrator an application that contains a description of— the need for and proposed use of grant funds to promote minority entrepreneurship and business ownership among student entrepreneurs enrolled at the minority-serving institution; how the programs, initiatives, or opportunities created or expanded with the grant funds will provide support to student entrepreneurs enrolled at the minority-serving institution who— seek support for an established small business concern; or need assistance in establishing a small business concern; and how the minority-serving institution will create or expand programs, initiatives, or opportunities that— increase minority entrepreneurship and business ownership among student entrepreneurs enrolled at the minority-serving institution; and expand business resources to student entrepreneurs enrolled at the minority-serving institution.

In selecting grantees under this section, the Administrator shall evaluate applications from among the same type of minority-serving institution, as listed in subparagraphs

(A)through

(H)of section 2(5). A grant made to a minority-serving institution under the Program shall be not less than $250,000. A minority-serving institution that receives a grant under the Program shall use grant amounts to support the creation or expansion of programs, initiatives, or opportunities that offer business development resources that support student entrepreneurs enrolled at the minority-serving institution, such as— free legal, accounting, human resources, information technology, marketing, training, counseling, networking, and technical assistance; and access to capital resources, such as the costs associated with forming a new small business concern. A minority-serving institution to which a grant is made under the Program shall, not later than 6 months and not later than 12 months after receipt of such grant, submit to the Administrator a report that contains, for the period covered by the report, the number of— student entrepreneurs enrolled at the minority-serving institution assisted with the grant funds; small business concerns created through the expenditure of the grant funds, including, with respect to each such concern— the name of the concern; a description of the business of the concern; and the amount of grant funds expended in creating the concern; student entrepreneurs enrolled at the minority-serving institution referred to other resources of the Small Business Administration; and student entrepreneurs enrolled at the minority-serving institution participating in programs, initiatives, or opportunities created or expanded through the expenditure of the grant funds, disaggregated (to the extent possible) by sex, race, and ethnicity of the student entrepreneur. Not later than 18 months after the date on which the first grant is made under the Program, and annually thereafter until September 30, 2028, the Administrator shall submit to Congress a report that contains information regarding the minority-serving institutions to which grants were made under the Program for the period covered by the report, which shall include— the name of each such minority-serving institution and the amount of each such grant; the number of student entrepreneurs assisted with Program grant funds— at each minority-serving institution to which a grant was made under the Program; and in total under the Program; the number of small business concerns created through the expenditure of Program grant funds— with respect to each minority-serving institution to which a grant was made under the Program; and in total under the Program; the number of student entrepreneurs referred to resources of the Small Business Administration— at each minority-serving institution to which a grant was made under the Program; and in total under the Program; the number of student entrepreneurs participating in programs, initiatives, or opportunities created or expanded through the expenditure of Program grant funds, disaggregated by sex, race, and ethnicity (to the extent possible)— at each minority-serving institution to which a grant was made under the Program; and in total under the Program; and a statement regarding whether any amounts made available to carry out this section remain unexpended, as of the date on which the report is submitted. There are authorized to be appropriated to the Administrator $50,000,000 for each of fiscal years 2023 through 2028 to carry out this section.