Community Investment and Empowerment Act

To amend the Small Business Investment Act of 1958 to authorize the Small Business Administrator to make grants for economic growth, business retention and business recruitment to economically underserved communities. 1. Short title This Act may be cited as the Community Investment and Empowerment Act 2. Purpose The purpose of this Act is to assist with the economic growth of economically disadvantaged communities that have potential for strong Class 1 commercial investment, but continue to have a difficult time recruiting Class 1 commercial investment. 3. Economic growth, retention, and recruitment of commercial investment in underserved communities The Small Business Investment Act of 1958 ( 15 U.S.C. 661 et seq. VI ECONOMIC GROWTH, RETENTION, AND RECRUITMENT OF COMMERCIAL INVESTMENT IN ECONOMICALLY DISADVANTAGED COMMUNITIES 511. Grant program (a) Authorization From amounts appropriated under section 513, the Administrator shall make grants on a competitive basis to communities for— (1) the creation of a grant and/or revolving loan fund program that helps develop financing packages for Class 1 commercial investment; (2) lowering real estate property tax rates; (3) conducting community-wide market analysis to help recruit and/or retain Class 1 commercial investment; (4) creating employment training programs for Class 1 business customer service, sales, and managerial positions; (5) retail marketing strategies to solicit new Class 1 commercial investment starts in the community; (6) program allowances for activities such as the publication of marketing materials, development of economic development web pages, and educational outreach activities with retail trade associations; and (7) hiring business recruitment specialists. (b) Eligibility The Administrator may only make a grant under subsection (a) to communities that— (1) demographics include— (A) a median per capita income no higher than $35,000; and (B) a lack of Class 1 commercial investment; and (2) submit an application at such time, in such form, and containing such information and assurances as the Administrator may require, including— (A) a description of how the community through the activities the community carries out with the grant funds will recruit, retain and grow their economy through Class 1 commercial investment; and (B) a description of the difficulty the community has faced recruiting, retaining and growing their economy through Class 1 commercial investment. (c) Matching funds (1) In general The Administrator may not make a grant to a community under subsection (a) unless the community agrees that, with respect to the costs to be incurred by the community in carrying out the activities for which the grant is awarded, the community will make available non-Federal contributions in an amount equal to not less than 10 percent of the Federal funds provided under the grant. (2) Satisfying matching requirements The non-Federal contributions required under paragraph (1) may be— (A) in cash or in-kind, including services, fairly evaluated; and (B) from— (i) any private source; (ii) a State or local governmental entity; or (iii) a not-for-profit. (3) Waiver The Administrator may waive or reduce the non-Federal contribution required by paragraph (1) if the community involved demonstrates that the eligible entity cannot meet the contribution requirement due to financial hardship. (d) Limitations Funding appropriated under section 513 will be allocated by the following formula— (1) no more than up to 5 percent of funds appropriated under section 513 shall go to administrative costs; (2) up to 70 percent of funding appropriated under section 513 shall go toward activities described in sections (a)(1) through (a)(4) after taking into account administrative costs under section (c)(1)(A); and (3) 30 percent of funding appropriated under section 513 shall go toward activities described in sections (a)(5) through (a)(7) after taking into account administrative costs under section (c)(1)(A). 512. Definitions In this title, the following definitions apply: (1) Community The term community (2) Class 1 commercial investment The term Class 1 commercial investment (3) economically underserved community The term economically underserved community 513. Authorization of appropriations There is authorized to be appropriated to the Administrator to carry out section 511(a) $40,000,000 for each of fiscal years 2014 through 2019. .

Summary: Community Investment and Empowerment Act - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to make grants on a competitive basis to communities for: the creation of a grant and/or revolving loan fund program that helps develop financing packages for Class 1 commercial investment (defined as retail grocery chains, food service retailers, restaurants and franchises, retail stores, cafes, shopping malls, and other shops); lowering real estate property tax rates; conducting community-wide market analysis to help recruit and/or retain Class 1 commercial investment; creating employment training programs for Class 1 business customer service, sales, and managerial positions; retail marketing strategies to solicit new Class 1 commercial investment starts in the community; program allowances for activities such as the publication of marketing materials, development of economic development web pages, and educational outreach activities with retail trade associations; and hiring business recruitment specialists. Authorizes the Administrator to only make such a grant to communities: (1) whose demographics include a median per capita income no higher than $35,000 and a lack of Class 1 commercial investment; (2) that submit an application that describes the activities the community carries out, and the difficulty the community has faced, to recruit, retain and grow their economy through Class 1 commercial investment; and (3) that agree to match 10% of grant funds with certain non-federal contributions. Allows the Administrator to waive or reduce the non-federal contribution if the community involved demonstrates that it cannot meet the contribution requirement due to financial hardship.