Support for Small Businesses in Underserved Communities: Innovation Centers Program
This act aims to foster the growth of small businesses in economically challenged communities, including rural areas and among underrepresented groups. Through a new program, entrepreneurs will gain access to training, counseling, and support, helping them create jobs and increase revenue. The goal is to reduce disparities in business success and stimulate local economies.
Key points
Establishment of Innovation Centers: New centers will be created to offer support for startup and growing small businesses, including accelerators and incubators.
Support for Underrepresented Groups: The program will focus on assisting businesses owned by women, veterans, individuals with disabilities, and socially and economically disadvantaged individuals.
Access to Counseling and Training: Entrepreneurs will receive free or low-cost one-on-one counseling and structured mentorship programs to aid their business development.
Prioritizing Rural and Distressed Areas: Projects located in federally recognized areas of economic distress and rural areas, where entrepreneurial resources are lacking, will receive priority.
No Fees for Participation: Participation in the programs and services offered by the Innovation Centers will be free of charge for participants.
Expired
Additional Information
Print number: 117_HR_1010
Sponsor: Rep. Mfume, Kweisi [D-MD-7]
Process start date: 2021-02-11