The bill directs the Small Business Administration to establish a grant program that provides funding to minority-serving institutions and historically Black colleges and universities to create or expand entrepreneurship programs for students from underrepresented groups. Each grant will be at least $250,000 and can be used for services like free business counseling, legal and accounting assistance, training, and access to startup capital. The bill authorizes $50 million in total funding for this program and requires participating schools to submit mid-year and year-end reports tracking the number of student entrepreneurs trained, businesses created, and demographic breakdowns of participants. The SBA Administrator must also establish an advisory board within 180 days of the bill's enactment to develop recommendations on how these institutions can better serve minority-owned businesses, and submit progress reports to Congress annually beginning 18 months after the first grant is awarded.
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