Sec. 2. Grants to provide minority business enterprises access to entrepreneurship opportunities
508 words·~2 min read·
/bill/119/hr/5826/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 180 days after the date of the enactment of this section, the Under Secretary of Commerce for Minority Business Development shall establish a program to provide grants to business accelerator entities to provide entrepreneurship opportunities to minority business enterprises. A business accelerator entity desiring a grant under this section shall submit to the Under Secretary an application at such time, in such manner, and containing such information as the Under Secretary may reasonably require.
The amount of a grant provided under this section shall be $1,000,000 each year for a period of five consecutive years. The Federal share of a grant provided this section to a business accelerator entity may not exceed 75 percent of the total amount of funds provided by the entity to carry out activities using grant funds. A grant provided under this section shall be used by a business accelerator entity to provide— capital, including direct cash transfers of grant funds, to minority business enterprises in a region; networking programs that connect minority business enterprises to sources of capital and innovation in a region; and any other assistance that the Under Secretary determines to be appropriate for minority business enterprises in a region.
A region described in this subsection is a region in which not less than 15 minority business enterprises, each with a revenue of not less than $250,000 a year, are located. The Under Secretary shall submit to Congress, for each fiscal year in which the Under Secretary provides grants under this section, a report on the program established under this section, including— an identification of the number of grants provided in such fiscal year and the total amount of such grants; an identification of the number of minority business enterprises that have received assistance from such entities in such fiscal year; and a description of any noncompliance by any business accelerator entity.
A business accelerator entity that receives a grant under this section that knowingly uses amounts under the grant for any purpose not otherwise permitted under the program established by this section or who knowingly attempts to do so, shall be fined as provided in title 18, United States Code, or imprisoned for not more than one year, or both. In this section: The term business accelerator entity means an entity that— engages in a partnership with one or more public or private organizations that support minority business enterprises; provides opportunities to expand minority owned business enterprises through seed investment or networking opportunities; or offers start-up capital or opportunities to raise capital from investors for minority business enterprises.
The term minority business enterprise has the meaning given in section 1108(a) of the CARES Act ( 15 U.S.C. 9007(a) ). The term Under Secretary means the Under Secretary of Commerce for Minority Business Development of the Minority Business Development Agency (established under section 100002 of the Minority Business Development Act of 2021 ( 15 U.S.C. 9501 )). There is authorized to be appropriated to carry out this section $25,000,000 for each of the fiscal years 2026 through 2030.
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Sec. 2
Grants to provide minority business enterprises access to entrepreneurship opportunities
Cites 2Cited by 0 across 0 sources