This bill reauthorizes the federal regional innovation program, which supports economic development through technology and entrepreneurship initiatives. The legislation expands the program's goals to include improving access to capital for innovation-based businesses and broadens the definition of eligible organizations to include venture development organizations that provide direct financing, commercialization services, and entrepreneurial support. The bill modifies funding requirements, allowing the federal government to cover up to 90 percent of project costs in areas with significant economic needs, while requiring at least 10 percent local cost-sharing. It prioritizes outreach to rural communities, areas affected by trade disruption, economically distressed regions, and organizations collaborating with workforce development boards. The Secretary of Commerce must issue funding guidance within 90 days of enactment, and the bill authorizes $50 million annually for fiscal years 2026 through 2030.
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