Minority Entrepreneurship Grant Program Act of 2023

To require the Administrator of the Small Business Administration to establish a grant program to create or expand programs at minority-serving institutions relating to minority entrepreneurship and business ownership, and for other purposes. 1. Short title This Act may be cited as the Minority Entrepreneurship Grant Program Act of 2023 2. Definitions In this Act: (1) Administrator The term Administrator (2) Board The term Board (3) Historically Black college or university The term historically Black college or university 20 U.S.C. 1061 (4) Minority The term minority (A) Black or African American; (B) Hispanic or Latino; (C) Native or Indigenous American; (D) Asian; (E) Native Hawaiian or other Pacific Islander; (F) Native Alaskan; or (G) a member of a group that the Minority Business Development Agency of the Department of Commerce determines under part 1400 of title 15, Code of Federal Regulations, as in effect on November 23, 1984, is a socially disadvantaged group eligible to receive assistance. (5) Minority-serving institution The term minority-serving institution (A) A historically Black college or university. (B) A Hispanic-serving institution, as that term is defined in section 502(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1101a(a) (C) A Tribal College or University, as that term is defined in section 316(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059c(b) (D) An Alaska Native-serving institution, as that term is defined in section 317(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059d(b) (E) A Native Hawaiian-serving institution, as that term is defined in section 317(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059d(b) (F) A Predominantly Black Institution, as that term is defined in section 318(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059e(b) (G) A Native American-serving, nontribal institution, as that term is defined in section 319(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059f(b) (H) An Asian-American and Native American Pacific Islander-serving institution, as that term is defined in section 320(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059g(b) (6) Program The term Program (7) Small business concern The term small business concern 15 U.S.C. 632(a) (8) Student entrepreneur The term student entrepreneur (9) Under Secretary The term Under Secretary 15 U.S.C. 9501 3. Grant program (a) Establishment Not later than 180 days after the date of enactment of this Act, the Administrator, in consultation with the Under Secretary, shall establish a grant program within the Small Business Administration, the purpose of which shall be to create or expand programs at minority-serving institutions that foster, promote, and increase programs, initiatives, or opportunities for minority entrepreneurship and business ownership among student entrepreneurs enrolled at such a minority-serving institution. (b) Application process A minority-serving institution seeking a grant under the Program shall submit to the Administrator an application that contains a description of— (1) the need for and proposed use of grant funds to promote minority entrepreneurship and business ownership among student entrepreneurs enrolled at the minority-serving institution; (2) how the programs, initiatives, or opportunities created or expanded with the grant funds will provide support to student entrepreneurs enrolled at the minority-serving institution who— (A) seek support for an established small business concern; or (B) need assistance in establishing a small business concern; and (3) how the minority-serving institution will create or expand programs, initiatives, or opportunities that— (A) increase minority entrepreneurship and business ownership among student entrepreneurs enrolled at the minority-serving institution; and (B) expand business resources to student entrepreneurs enrolled at the minority-serving institution. (c) Selection In selecting grantees under this section, the Administrator shall evaluate applications from among the same type of minority-serving institution, as listed in subparagraphs (A) through (H) of section 2(5). (d) Amount of grant A grant made to a minority-serving institution under the Program shall be not less than $250,000. (e) Use of grant funds A minority-serving institution that receives a grant under the Program shall use grant amounts to support the creation or expansion of programs, initiatives, or opportunities that offer business development resources that support student entrepreneurs enrolled at the minority-serving institution, such as— (1) free legal, accounting, human resources, information technology, marketing, training, counseling, networking, and technical assistance; and (2) access to capital resources, such as the costs associated with forming a new small business concern. (f) Submission requirement A minority-serving institution to which a grant is made under the Program shall, not later than 6 months and not later than 12 months after receipt of such grant, submit to the Administrator a report that contains, for the period covered by the report, the number of— (1) student entrepreneurs enrolled at the minority-serving institution assisted with the grant funds; (2) small business concerns created through the expenditure of the grant funds, including, with respect to each such concern— (A) the name of the concern; (B) a description of the business of the concern; and (C) the amount of grant funds expended in creating the concern; (3) student entrepreneurs enrolled at the minority-serving institution referred to other resources of the Small Business Administration; and (4) student entrepreneurs enrolled at the minority-serving institution participating in programs, initiatives, or opportunities created or expanded through the expenditure of the grant funds, disaggregated (to the extent possible) by sex, race, and ethnicity of the student entrepreneur. (g) Report to Congress Not later than 18 months after the date on which the first grant is made under the Program, and annually thereafter until September 30, 2028, the Administrator shall submit to Congress a report that contains information regarding the minority-serving institutions to which grants were made under the Program for the period covered by the report, which shall include— (1) the name of each such minority-serving institution and the amount of each such grant; (2) the number of student entrepreneurs assisted with Program grant funds— (A) at each minority-serving institution to which a grant was made under the Program; and (B) in total under the Program; (3) the number of small business concerns created through the expenditure of Program grant funds— (A) with respect to each minority-serving institution to which a grant was made under the Program; and (B) in total under the Program; (4) the number of student entrepreneurs referred to resources of the Small Business Administration— (A) at each minority-serving institution to which a grant was made under the Program; and (B) in total under the Program; (5) the number of student entrepreneurs participating in programs, initiatives, or opportunities created or expanded through the expenditure of Program grant funds, disaggregated by sex, race, and ethnicity (to the extent possible)— (A) at each minority-serving institution to which a grant was made under the Program; and (B) in total under the Program; and (6) a statement regarding whether any amounts made available to carry out this section remain unexpended, as of the date on which the report is submitted. (h) Authorization of appropriations There are authorized to be appropriated to the Administrator $50,000,000 for each of fiscal years 2023 through 2028 to carry out this section. 4. Minority Entrepreneurship Advisory Board (a) In general Not later than 180 days after the date of enactment of this Act, the Administrator shall establish a Minority Entrepreneurship Advisory Board to develop recommendations regarding how minority-serving institutions can better serve minority businesses and entrepreneurs. (b) Membership of Board The members of the Board— (1) shall be appointed by the Administrator; (2) shall include one representative from each of— (A) the United Negro College Fund; (B) the Thurgood Marshall College Fund; (C) the National Association for Equal Opportunity in Higher Education; (D) the American Indian Higher Education Consortium; (E) the Asian and Pacific Islander American Scholarship Fund; (F) the National Congress of American Indians; and (G) the Hispanic Association of Colleges and Universities; and (3) shall include additional individuals, as determined by the Administrator, with— (A) outstanding qualifications relating to minority-serving institutions or minority businesses and entrepreneurs; (B) knowledge regarding the needs of small business concerns that are owned by minorities; and (C) experience— (i) working with startups; or (ii) in providing consultation to small business concerns. (c) Submission to Congress Not later than 18 months after the date of the enactment of this Act, the Administrator shall submit to Congress the recommendations developed by the Board. (d) Termination The Board shall terminate not later than 6 months after the report required under subsection (c) has been submitted. (e) Inapplicability of FACA The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply with respect to the Board or the activities of the Board.

Summary: 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 that foster, promote, and increase opportunities for minority entrepreneurship and business ownership. The SBA must also establish a Minority Entrepreneurship Advisory Board to develop recommendations regarding how these institutions can better serve minority businesses and entrepreneurs.