CREATE Act of 2024

To assist entrepreneurs and support development of the creative economy, and for other purposes. 1. Short title This Act may be cited as the Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy Act of 2024 CREATE Act of 2024 2. Small business programs (a) Microloan program extension Section 7(m)(6) of the Small Business Act ( 15 U.S.C. 636(m)(6) (F) Loan criteria for artists and arts entrepreneurs The Administration, in consultation with eligible intermediaries, shall develop loan criteria to ensure that small business concerns owned and controlled by artists and small business concerns that support the creative economy receive loan proceeds under this subsection. . (b) Business loans for the creative economy Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) (38) Creative economy In providing assistance under this subsection, the Administration shall develop procedures to evaluate the business proposals and business plans of non-employer businesses, microenterprises, and small business concerns that focus on economic development, job creation, and community growth with respect to the creative economy. . (c) Technical assistance programs Section 21 of the Small Business Act ( 15 U.S.C. 648 (p) Technical assistance programs for artists and arts entrepreneurs The Administration, in consultation with relevant stakeholders, shall develop technical assistance programs to be carried out by small business development centers under this subsection that target the specific needs of artists and arts entrepreneurs. . 3. Arts-focused economic development (a) In general Title II of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3141 et seq. 219. Arts-focused economic development (a) Definitions In this section: (1) Business incubation program The term business incubation program (A) accelerates the successful development of entrepreneurial businesses through business support resources and services, developed or orchestrated by incubator management; (B) is designed to produce successful businesses; and (C) provides management guidance, technical assistance, and consulting designed for young, growing businesses, including by providing— (i) rental space and flexible leases; (ii) shared basic business services and equipment; (iii) technology support services; and (iv) assistance in obtaining financing necessary for growth of the business. (2) Incubator The term incubator (b) Arts-Focused economic development In providing grants and assistance under this Act (including through the local technical assistance, partnership planning, and comprehensive economic development strategies programs of the Economic Development Administration), the Secretary shall provide to State, regional, and local arts agencies, artists, and creative workers support through traditional economic development tools, including— (1) incubators; and (2) economic development planning and technical assistance, including assistance for State, regional, and local arts agencies in work related to comprehensive economic development strategies. . 4. Demonstration program to promote use of creative industries and occupations in certain economic planning Not later than 120 days after the date of enactment of this Act, the Secretary of Commerce shall establish a demonstration program to assess the feasibility and advisability of providing support to local arts agencies and nonprofits through planning grants under section 203 of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3143 42 U.S.C. 3147

Summary: Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy Act of 2024 or the CREATE Act of 2024This bill expands financial assistance for, and establishes measures to support, the creative economy and art entrepreneurs.Specifically, the bill requires (1) the Small Business Administration to develop loan criteria, evaluation procedures, and technical assistance programs for small business concerns that are owned by artists and support the creative economy; and (2) the Department of Commerce to ensure that traditional economic development tools, such as business incubators and grant programs, support the arts industry and creative economy.