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Support for Startups: Funds for New Business Growth

This bill establishes a new grant program for organizations that help new, small businesses (startups) grow. The goal is to support these organizations so they can better assist entrepreneurs, especially those from underrepresented groups, by providing space, mentorship, and access to capital.
Key points
Organizations supporting startups can apply for grants of at least $1,000,000.
Grant money can be used for construction, space rental, or support programs, but not for direct investments in startups.
The program aims to simplify access to funds, minimizing bureaucracy in the application process.
Priority is given to organizations offering space, access to capital/services, mentorship, or partnering with minority-serving institutions.
At least half of the funds will go to organizations in specific areas or supporting businesses owned by individuals from underrepresented groups (e.g., women, minorities, veterans, individuals with disabilities).
The bill authorizes $800,000,000 for this program.
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Expired
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Additional Information
Print number: 117_HR_4945
Sponsor: Rep. Blunt Rochester, Lisa [D-DE-At Large]
Process start date: 2021-08-06
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Small Business Act to establish a growth accelerator fund competition, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4945.

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 2021-08-06.

What are the main provisions?

Key points include:

  • Organizations supporting startups can apply for grants of at least $1,000,000.
  • Grant money can be used for construction, space rental, or support programs, but not for direct investments in startups.
  • The program aims to simplify access to funds, minimizing bureaucracy in the application process.
  • Priority is given to organizations offering space, access to capital/services, mentorship, or partnering with minority-serving institutions.
  • At least half of the funds will go to organizations in specific areas or supporting businesses owned by individuals from underrepresented groups (e.g., women, minorities, veterans, individuals with disabilities).
  • The bill authorizes $800,000,000 for this program.
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. Blunt Rochester, Lisa [D-DE-At Large].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Public Investments