Emerging Business Encouragement Act of 2023

Emerging Business Encouragement Act of 2023

This bill directs the Small Business Administration (SBA) to establish criteria and procedures for small businesses to be designated as emerging business enterprises. The bill provides for various benefits to such enterprises, such as waiving various loan fees and requiring federal agencies to award at least 3% of contracts in each fiscal year to such enterprises.

Bill 118 HR 1538, also known as the Emerging Business Encouragement Act of 2023, aims to provide support and incentives for small and emerging businesses in the United States. The bill focuses on promoting entrepreneurship and innovation by offering various resources and assistance to help these businesses thrive.

One key aspect of the bill is the establishment of a grant program that will provide funding to small businesses for research and development, as well as for expanding their operations. This funding will help these businesses to grow and create new jobs, ultimately boosting the economy.

Additionally, the bill includes provisions for mentorship programs, where experienced business owners can provide guidance and support to new entrepreneurs. This mentorship will help emerging businesses navigate the challenges of starting and running a successful company. Furthermore, the bill encourages collaboration between small businesses and research institutions, aiming to foster innovation and technological advancement. By promoting partnerships between these entities, the bill seeks to drive economic growth and competitiveness in key industries. Overall, Bill 118 HR 1538 is designed to support and empower small and emerging businesses in the US, with the goal of fostering a thriving entrepreneurial ecosystem and driving economic prosperity.