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Support for Minority-Owned Businesses: Grants and Development

This act establishes a grant program for organizations that support the growth of minority-owned businesses. The goal is to provide them with access to capital and development opportunities, potentially impacting local economies and jobs.
Key points
Grant program for organizations assisting minority-owned businesses.
Grants of $1 million annually for 5 years for selected organizations.
Funds can be used for direct financial support, business networking, and other assistance.
Support targeted at minority-owned businesses meeting specific revenue criteria.
Organizations receiving grants will be required to report on fund usage.
Misuse of grant funds will be subject to fines or imprisonment.
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Expired
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Additional Information
Print number: 117_HR_5006
Sponsor: Rep. Stevens, Haley M. [D-MI-11]
Process start date: 2021-08-10
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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

IDEA Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5006.

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 2021-08-10.

What are the main provisions?

Key points include:

  • Grant program for organizations assisting minority-owned businesses.
  • Grants of $1 million annually for 5 years for selected organizations.
  • Funds can be used for direct financial support, business networking, and other assistance.
  • Support targeted at minority-owned businesses meeting specific revenue criteria.
  • Organizations receiving grants will be required to report on fund usage.
  • Misuse of grant funds will be subject to fines or imprisonment.
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. Stevens, Haley M. [D-MI-11].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

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

CATEGORIES

Economy