The bill would direct the Small Business Administration to create a grant program for minority-serving institutions and historically Black colleges and universities. The grants would help these schools create or expand programs that support minority students starting or growing businesses. Schools could use grant funds for services such as legal and accounting help, training, counseling, networking, technical assistance, and access to capital resources. The bill would also create an advisory board and require reports to Congress.
If enacted, eligible colleges could apply for grants of at least $250,000. Minority students at those schools who want to start or develop a business could receive support through programs funded by the grants. The bill does not establish direct grants to students.
The bill authorizes $50 million to be appropriated for the grant program. It does not state how much funding would be provided to each school beyond a minimum grant of $250,000.
No publicly available information.
No publicly available information.