This bill requires the Small Business Administration to strengthen its involvement in promoting employee-owned businesses and cooperatives. The legislation mandates that the SBA Administrator or a designated representative attend federal working groups, meetings, and forums focused on cooperatives and employee ownership when invited or when the SBA has previous relationships with the hosting agencies. The bill also expands outreach requirements for the Small Business Investment Company Program to include investors and limited partners of these companies. Within 180 days of enactment, the SBA must fulfill existing outreach requirements through its Small Business Employee Ownership and Cooperatives Promotion Program. The legislation primarily affects small business owners interested in employee ownership structures, workers seeking to purchase their companies, and investors in small business investment companies, with the goal of increasing awareness and access to employee ownership options.
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