The SPARK Act establishes two complementary Small Business Administration programs to support entrepreneurship in underserved communities, including women, veterans, rural entrepreneurs, and formerly incarcerated individuals. The first program creates business accelerators and incubators through five-year cooperative agreements with nonprofits, community development organizations, and educational institutions, requiring them to provide free mentorship and counseling to startups and growing small businesses in economically distressed areas. The second program distributes up to $1 million annually to SBA-partner organizations that will provide grants of up to $20,000 or below-market-rate loans to eligible small businesses owned by underrepresented groups. The bill mandates annual financial audits, congressional reporting on outcomes including job creation and capital access, and requires the SBA to issue implementing regulations within one year, including fraud prevention measures to recover misused funds.
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