The SOAR Act would create a Small Business Administration grant program for U.S. organizations that help new small businesses, including growth accelerators. Grants would be at least $1 million and could pay for space, construction, and program activities, but not provide capital directly to startups. Applicants would need to plan to assist at least 10 businesses each year. The program would give priority to organizations offering space, connections to capital or professional services, or mentorship. At least half of grant funds appropriated each year would go to certain accelerators serving underserved areas or groups. Grant recipients would report results each year, and the Small Business Administration would report to Congress.
New small businesses could receive support through funded accelerators, such as workspace, mentoring, and help finding investors or professional services. The grants would go to organizations, not directly to startups. Eligible organizations could apply for grants.
The bill would authorize $80 million each year for fiscal years 2027 through 2036. This is authorization for funding, not a statement that the money has been appropriated. Grants would be at least $1 million. No publicly available information on other expenses.
The bill’s findings say startups have contributed to job creation and that accelerators can help young businesses through mentoring, partnerships, and resources. No publicly available information on proponents’ views beyond the bill’s findings.
No publicly available information.