New grants would help local groups launch and grow small businesses across the country.
This bill would create a new federal program to give cash grants of at least $1 million to organizations that help new businesses get started and grow. These grants would help provide space, services, and mentorship to entrepreneurs. At least 50 percent of the funding would be set aside for organizations that are in certain economically distressed areas and primarily help businesses owned by women, veterans, minorities, or people with disabilities.
Today, the Small Business Act does not have a specific federal program to award cash grants to organizations that support new small businesses. If this bill becomes law, the Small Business Administration would create a new program to award cash grants of at least $1 million to these organizations. At least 50 percent of the $80 million authorized annually for the program would specifically support organizations that are in specific economically distressed areas and primarily serve businesses owned by women, veterans, minorities, or people with disabilities.
S 5631 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10
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