Accelerating Small Business Growth Act

To establish a program so that business concerns owned and controlled by socially and economically disadvantaged individuals may achieve proficiency to compete, on an equal basis, for contracts and subcontracts in Department of Transportation projects, and for other purposes. 1. Short title This Act may be cited as the Accelerating Small Business Growth Act 2. Accelerating business growth program (a) Establishment The Secretary of Transportation shall establish a competitive grant program to provide financial assistance to eligible entities to establish and carry out innovative programs so that business concerns owned and controlled by socially and economically disadvantaged individuals may achieve proficiency to compete, on an equal basis, for contracts and subcontracts in projects carried out with financial assistance from the Secretary. (b) Eligible entities An entity eligible to receive financial assistance under this section is— (1) a State or territory of the United States; (2) a political subdivision of a State or local government; (3) a Tribal government; (4) a special purpose district or public authority with a transit or aviation function; (5) a port authority; (6) a metropolitan planning organization; or (7) a group of entities described in paragraphs (1) through (6). (c) Applications To be eligible to participate in the program under this section, an eligible entity shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (d) Partnerships In carrying out activities with a grant under this section, an eligible entity may partner with— (1) 1 or more nonprofit organizations; or (2) 1 or more institutions of higher education. (e) Required report (1) In general Not later than 2 years after an eligible entity is awarded a grant under this section, the eligible entity shall submit to the Secretary a report that includes— (A) a description of the activities carried out with the grant; and (B) an evaluation of the effectiveness of those activities in meeting the objectives described in subsection (b). (2) Public availability Each report submitted under paragraph (1) shall be made available on a public internet website managed by the Secretary. (f) Report to Congress Not later than 3 years after the date of enactment of this Act, the Secretary shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report that evaluates the program under this section. (g) Definition of socially and economically disadvantaged individuals The term socially and economically disadvantaged individuals 23 U.S.C. 101 Public Law 117–58 (h) Authorization of appropriations There is authorized to be appropriated to carry out this section $5,000,000 for each of fiscal years 2024 through 2026.

Summary: Accelerating Small Business Growth Act This bill establishes a grant program within the Department of Transportation for states, local governments, tribes, and certain public transit authorities to assist small businesses owned by socially and economically disadvantaged individuals compete for federal contracts for infrastructure projects.