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.
Status:
Expired
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