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Support Program for New Entrepreneurs in Distressed US Regions

This act establishes a support program for individuals looking to start and grow small businesses in economically distressed regions, including those affected by the COVID-19 pandemic. Participants will receive financial aid, mentorship, and assistance with accessing capital, aiming to revitalize local economies and create new jobs.
Key points
Program participants (fellows) can receive a $120,000 stipend over two years to start and grow a small business in designated, economically distressed regions.
The program offers student loan deferment and access to basic healthcare for fellows.
Fellows will receive mentorship from experienced entrepreneurs and experts, along with assistance in building business networks.
The act facilitates fellows' access to business funding, including preferential loan terms and potential waivers of personal guarantees for certain businesses.
The program aims to promote diversity among entrepreneurs and encourage hiring local residents, minorities, and individuals facing employment challenges.
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Additional Information
Print number: 117_S_389
Sponsor: Sen. Coons, Christopher A. [D-DE]
Process start date: 2021-02-23
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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

Next Generation Entrepreneurship Corps Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_389.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-23.

What are the main provisions?

Key points include:

  • Program participants (fellows) can receive a $120,000 stipend over two years to start and grow a small business in designated, economically distressed regions.
  • The program offers student loan deferment and access to basic healthcare for fellows.
  • Fellows will receive mentorship from experienced entrepreneurs and experts, along with assistance in building business networks.
  • The act facilitates fellows' access to business funding, including preferential loan terms and potential waivers of personal guarantees for certain businesses.
  • The program aims to promote diversity among entrepreneurs and encourage hiring local residents, minorities, and individuals facing employment challenges.
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. Coons, Christopher A. [D-DE].

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.

CATEGORIES

Economy Labor Benefits