This bill establishes a grant program through the Small Business Administration to provide up to $20,000 in grants to small businesses and specific lenders that meet targeted eligibility criteria. Eligible recipients include small businesses located in low- to moderate-income communities, rural areas, disaster-affected areas, or HUBZones, as well as businesses owned by women, veterans, members of Native American tribes, individuals with disabilities, formerly incarcerated individuals, and socially or economically disadvantaged groups. The program also provides grants to community development financial institutions, minority depository institutions, microloan providers, and other specialized lenders to help them provide grants to small businesses. The legislation authorizes up to one million grants total and requires the Small Business Administration to establish regulations within 180 days and collect detailed demographic data on all grant recipients, which must be published online. The bill does not specify a funding amount but authorizes "such sums as may be necessary" for fiscal year 2025.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.