This bill makes several improvements to the Small Business Development Center Program, which provides counseling and training services to small business owners and entrepreneurs across the country. The legislation allows Small Business Development Centers to use up to 10 percent of their grant funds for marketing, permits them to collect fees from private partnerships and corporate sponsorships, and modifies matching fund requirements to ease the administrative burden on centers seeking federal support. The bill authorizes $175 million annually for fiscal years 2024 through 2027 to fund Small Business Development Centers through formula grants to states and establishes a Data Collection Working Group to develop better systems for tracking program outcomes and participant information. Additionally, the bill requires the Small Business Administration to submit annual reports to Congress detailing program activities, including counseling hours provided, number of new businesses started, jobs created, and demographic information about participants served.
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