The bill would create a grant program for business accelerator entities that support minority business enterprises. Within 180 days of enactment, the Commerce Department’s Under Secretary for Minority Business Development would establish the program. Grants would provide $1 million per year for five consecutive years. The federal share could cover no more than 75% of the funds an accelerator entity provides for grant-funded activities. Funds could support capital, networking, and other assistance approved by the Under Secretary. Each eligible region must have at least 15 minority business enterprises, each with annual revenue of at least $250,000. The Under Secretary would report yearly to Congress on grants, businesses helped, and noncompliance.
Minority business enterprises in eligible regions could receive capital, networking opportunities, or other approved assistance through a business accelerator entity. Accelerator entities would need to apply for grants and provide funds toward the supported activities.
The bill authorizes $25 million for each fiscal year from 2026 through 2030. It does not guarantee that this amount would be appropriated. Each grant would provide $1 million per year for five consecutive years, with the federal share capped at 75% of the funds used for grant activities.
No publicly available information.
No publicly available information.