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Support for New Businesses: Growth Accelerator Program

This act establishes a new program to support organizations that help young businesses in their early stages of development. The goal is to increase job creation and innovation, especially in regions and among groups that have had limited access to funding. This means citizens can expect more employment opportunities and local economic growth.
Key points
The program offers grants of at least $1,000,000 to organizations supporting new businesses (growth accelerators).
Priority will be given to accelerators assisting businesses owned by women, minorities, veterans, and individuals with disabilities.
Funds can be used for construction costs, space acquisition, and programmatic purposes, but not for direct funding of businesses.
The act aims to promote diversity in entrepreneurship and support business development outside major investment hubs.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_2631
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2021-08-05
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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

SOAR Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2631.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-08-05.

What are the main provisions?

Key points include:

  • The program offers grants of at least $1,000,000 to organizations supporting new businesses (growth accelerators).
  • Priority will be given to accelerators assisting businesses owned by women, minorities, veterans, and individuals with disabilities.
  • Funds can be used for construction costs, space acquisition, and programmatic purposes, but not for direct funding of businesses.
  • The act aims to promote diversity in entrepreneurship and support business development outside major investment hubs.
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 Sen. Booker, Cory A. [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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Economy Public Investments