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New Entrepreneurship Training and Microloan Access for Formerly Incarcerated Individuals.

This Act establishes a 5-year pilot program managed by the Small Business Administration (SBA) to fund organizations that provide entrepreneurship training and microloan access to individuals recently released from prison. The goal is to boost economic stability through self-employment, thereby reducing high rates of unemployment and the likelihood of reoffending.
Key points
Formerly incarcerated individuals gain access to specialized business development programs and resources to start their own small businesses.
The program aims to reduce recidivism by offering economic stability, as self-employment has proven to increase income and lower the rate of returning to prison for this population.
Organizations providing these services will receive competitive federal grants ranging from $100,000 to $500,000 annually over five years, provided they secure a 25% non-federal funding match.
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Additional Information
Print number: 118_S_609
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2023-03-01
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OFFICIAL LEGAL TITLE

NEW START Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_609.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • Formerly incarcerated individuals gain access to specialized business development programs and resources to start their own small businesses.
  • The program aims to reduce recidivism by offering economic stability, as self-employment has proven to increase income and lower the rate of returning to prison for this population.
  • Organizations providing these services will receive competitive federal grants ranging from $100,000 to $500,000 annually over five years, provided they secure a 25% non-federal funding match.
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. Cardin, Benjamin L. [D-MD].

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 2025-12-27.

CATEGORIES

Economy Labor Security