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Support for Minority-Owned Businesses: New Grants and Opportunities

This act aims to establish a grant program for minority-owned businesses to help them grow and access capital. These businesses will be able to receive financial support and networking opportunities, potentially leading to job creation and economic growth in their regions. Citizens can expect greater business diversity and potentially new services.
Key points
Grant Program: Minority-owned businesses can apply for grants of $1,000,000 annually for five years.
Financial and Networking Support: Grants are intended to provide access to capital and networking programs connecting businesses with investors.
Economic Growth: The goal is to foster entrepreneurship in regions with at least 15 minority-owned businesses generating over $250,000 in revenue.
Penalties for Misuse: Misuse of grant funds will result in fines or imprisonment.
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Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_4499
Sponsor: Rep. Stevens, Haley M. [D-MI-11]
Process start date: 2023-07-06
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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

IDEA Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4499.

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 2023-07-06.

What are the main provisions?

Key points include:

  • Grant Program: Minority-owned businesses can apply for grants of $1,000,000 annually for five years.
  • Financial and Networking Support: Grants are intended to provide access to capital and networking programs connecting businesses with investors.
  • Economic Growth: The goal is to foster entrepreneurship in regions with at least 15 minority-owned businesses generating over $250,000 in revenue.
  • Penalties for Misuse: Misuse of grant funds will result in 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 2025-12-25.

CATEGORIES

Economy