Minority Entrepreneurship Grant Program Act of 2023

Hozzl · 2023-12-14T16:30:58Z

Explore the details of Senate Bill 1402 Minority Entrepreneurship Grant Program Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

12/14/2023, 4:30 PM

Summary of Bill S 1402

Bill 118 s 1402, also known as the Minority Entrepreneurship Grant Program Act of 2023, aims to support and promote minority entrepreneurship in the United States. The bill proposes the establishment of a grant program that would provide funding to minority-owned businesses to help them start, grow, and succeed in the competitive business landscape.

The grant program outlined in the bill would be administered by the Small Business Administration (SBA) and would prioritize funding for minority entrepreneurs who have historically faced barriers to accessing capital and resources. The program would provide grants for a variety of purposes, including business development, marketing, technology upgrades, and workforce training.

In addition to providing financial support, the bill also includes provisions for technical assistance and mentorship programs to help minority entrepreneurs navigate the challenges of starting and running a successful business. These resources would be designed to help minority entrepreneurs build the skills and knowledge needed to thrive in the business world. Overall, the Minority Entrepreneurship Grant Program Act of 2023 aims to level the playing field for minority entrepreneurs and create opportunities for them to succeed in the competitive business environment. By providing funding, resources, and support, the bill seeks to empower minority-owned businesses and contribute to a more diverse and inclusive economy.

Congressional Summary of S 1402

Minority Entrepreneurship Grant Program Act of 2023

This bill requires the Small Business Administration (SBA) to award grants to create or expand programs at minority-serving institutions and historically Black colleges and universities (HBCUs) that foster, promote, and increase opportunities for minority business ownership. The SBA must also establish a Minority Entrepreneurship Advisory Board to develop recommendations regarding how these institutions and HBCUs can better serve minority businesses and entrepreneurs.

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Current Status of Bill S 1402

Bill S 1402 is currently in the status of Bill Introduced since May 2, 2023. Bill S 1402 was introduced during Congress 118 and was introduced to the Senate on May 2, 2023. Bill S 1402's most recent activity was Read twice and referred to the Committee on Small Business and Entrepreneurship. as of May 2, 2023

Bipartisan Support of Bill S 1402

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1402

Primary Policy Focus

Commerce

Alternate Title(s) of Bill S 1402

Minority Entrepreneurship Grant Program Act of 2023

A bill to require the Administrator of the Small Business Administration, in consultation with the Under Secretary of Commerce for Minority Business Development, to establish a grant program to create or expand programs at minority-serving institutions and historically Black colleges and universities that promote minority business ownership and entrepreneurship, and for other purposes.