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New Business Support: Investment Program for Innovative Startups

This act establishes a new financial support program for promising startups across the United States, especially those outside major tech hubs. The goal is to help them access capital, create jobs, and accelerate economic growth. Citizens may benefit from new employment opportunities and local economic development.
Key points
Creation of the "Innovation and Startups Equity Investment Program" within the Department of the Treasury, with a budget of $1.5 billion to support startups.
An additional $500 million allocated for programs supporting follow-on investments in existing startups.
Funds will be distributed to states that establish their own investment programs, with a focus on businesses outside major venture capital centers.
The program aims to support startups that have been in existence for less than 10 years, have high return potential, and annual revenues of up to $25 million.
Special emphasis on supporting businesses majority-owned or managed by women, minorities, or military veterans, as well as those located in rural or low-income areas.
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Expired
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Additional Information
Print number: 117_HR_1020
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2021-02-11
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

New Business Preservation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1020.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-11.

What are the main provisions?

Key points include:

  • Creation of the "Innovation and Startups Equity Investment Program" within the Department of the Treasury, with a budget of $1.5 billion to support startups.
  • An additional $500 million allocated for programs supporting follow-on investments in existing startups.
  • Funds will be distributed to states that establish their own investment programs, with a focus on businesses outside major venture capital centers.
  • The program aims to support startups that have been in existence for less than 10 years, have high return potential, and annual revenues of up to $25 million.
  • Special emphasis on supporting businesses majority-owned or managed by women, minorities, or military veterans, as well as those located in rural or low-income areas.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Phillips, Dean [D-MN-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Public Investments