The Small Business Development Centers Improvement Act of 2023 enhances transparency and support for the Small Business Administration's entrepreneurial development programs by requiring detailed annual reports on program activities, funding, and outcomes. The bill requires the SBA to collect and report comprehensive data including the number of businesses counseled, jobs created, capital secured, participant demographics, and customer satisfaction surveys for Small Business Development Centers and related programs. It also allows development centers to use up to ten percent of their grant funding for marketing, establishes a data collection working group to recommend improvements within 180 days, and modifies grant restrictions to allow existing centers to renew awards while limiting new grants to nonprofit institutions of higher education. The legislation authorizes $175 million annually for fiscal years 2024 through 2027 to support Small Business Development Centers and streamlines the matching fund requirements by allowing applicants to make good faith assertions rather than immediately providing proof of funds.
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