To codify the Small Business Administration's Growth Accelerator Fund Competition, and for other purposes.

To codify the Small Business Administration’s Growth Accelerator Fund Competition, and for other purposes. 1. Growth Accelerator Fund Competition The Small Business Act ( 15 U.S.C. 631 (1) by redesignating section 49 as section 50; and (2) by inserting after section 48 the following: 49. Growth Accelerator Fund Competition (a) In general There is established a program within the Small Business Administration to be known as the Growth Accelerator Fund Competition (1) assist small business concerns with accessing capital and finding mentors and networking opportunities; and (2) advise small business concerns, including advising on market analysis, company strategy, revenue growth, and securing funding. (b) Requirements Except as otherwise provided in this section, the Administrator shall carry out the program established under this section in accordance with the requirements of section 24 of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3719 (c) Application A prize only may be awarded to a covered entity that submits to the Administrator an application at such time, in such manner, and containing such information as the Administrator may require. (d) Eligibility To be eligible to apply for a prize under this section, a covered entity— (1) may not have an outstanding, unresolved financial obligation to the Federal Government; and (2) may not be currently suspended or debarred as specified under subpart 9.4 of title 48, Code of Federal Regulations (or any successor regulation). (e) Selection of covered entities From applications submitted under subsection (c), the Administrator shall select covered entities that will provide to small business concerns— (1) regular networking opportunities, including introductions to customers, partners, suppliers, advisory boards and other persons; (2) mentorship opportunities, including advice on strategy, technology, finances, and commercialization assistance; (3) shared working environments focused on building a strong community amongst other similar small business concerns; (4) resources and co-working arrangements; (5) opportunities to pitch ideas to investors and other capital formation opportunities; (6) small amounts of angel money, seed capital, or structured loans; and (7) where appropriate, assistance in securing funding under the SBIR program or the STTR program established under section 9. (f) Priority (1) In general The Administrator, in approving applications under this section, shall give priority to applications that include methods to provide assistance and advice to small business concerns located in underserved communities, including— (A) small business concerns owned and controlled by women; (B) small business concerns owned and controlled by veterans; and (C) small business concerns owned and controlled by socially and economically disadvantaged individuals (as defined in section 8(d)(3)(C)). (2) Allocation Of prizes awarded to covered entities under this section in a fiscal year, the Administrator shall ensure that— (A) not less than 20 percent of such covered entities will assist and advise small business concerns owned and controlled by women; and (B) not less than 20 percent of such covered entities will assist and advise small business concerns owned and controlled by socially and economically disadvantaged individuals. (g) Selection of small business concerns A covered entity that receives a prize under the Growth Accelerator Fund Competition shall use a selective process to identify small business concerns to provide assistance and advice described under subsection (a). (h) Development of metrics The Administrator shall develop metrics to evaluate the effectiveness and the benefit to the people of the United States of the Growth Accelerator Fund Competition that— (1) are science-based and statistically driven; (2) reflect the mission of the Administration; and (3) include factors relating to the economic impact of the Growth Accelerator Fund Competition. (i) Covered entity defined In this section, the term covered entity (j) Authorization of appropriations There are authorized to be appropriated to the Administrator such sums as may be necessary to carry out the Growth Accelerator Fund Competition. .

Summary: This bill establishes the Growth Accelerator Fund Competition program within the Small Business Administration (SBA). Specifically, the bill requires the SBA, prioritizing small business concerns in underserved communities, to award prizes on a competitive basis to U.S. private entities that (1) assist small business concerns in accessing capital, mentors, and networking opportunities; and (2) advise small business concerns on topics such as market analysis, company strategy, revenue growth, and securing funding. The SBA must also develop metrics to evaluate the the program's effectiveness and benefits to the people of the United States that (1) are science-based and statistically driven, (2) reflect the SBA's mission, and (3) include factors relating to the program's economic impact.