‘‘(2) ADMINISTRATION.—The Program shall be 
administered by the Office of Entrepreneurial Devel-
opment of the Administration. 
‘‘(3) AUTHORIZATION.— 
‘‘(A) IN GENERAL.—Under the Program, 
there shall be 1 group of fellows selected each 
year for 5 years of the Program, with each 
group serving for a 2-year period. 
‘‘(B) REPORTS.—Not later than 1 year 
after the second group of fellows is selected 
under the Program, and every 2 years there-
after, the Committee shall submit to Congress 
an evaluation of the Program, along with any 
recommendations and options to expand the 
Program and make the Program permanent. 
‘‘(4) THIRD-PARTY CONTRACTS.— 
‘‘(A) IN GENERAL.—The Office of Entre-
preneurial Development of the Administration 
may contract with third-party nonprofit organi-
zations that— 
‘‘(i) do or plan to do service work to 
execute the Program; and 
‘‘(ii) the Committee determines have 
relevant experience to carry out the Pro-
gram. 
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‘‘(B) REPORT.—Not later than 90 days 
after the date of enactment of this Act, the Ad-
ministrator shall submit to Congress a report 
on— 
‘‘(i) the requirements and plans relat-
ing to third-party contractors described in 
subparagraph (A); and 
‘‘(ii) how those third-party contractors 
will begin to carry out the Program. 
‘‘(c) STIPENDS.— 
‘‘(1) IN GENERAL.—Each fiscal year, the Com-
mittee may select not more than 320 fellows to par-
ticipate in the Program and receive a 2-year stipend 
of $120,000 to start and grow a new small business 
concern. 
‘‘(2) AUTHORITY TO REJECT.—The Assistant 
Administrator of the Office of Entrepreneurial De-
velopment of the Administration shall have the au-
thority to reject any fellow selected by the Com-
mittee to participate in the Program. 
‘‘(3) ALLOWABLE USES.—The Committee shall 
determine the allowable uses of a stipend awarded 
under this subsection. 
‘‘(4) STIPEND AMOUNT.—The amount of a sti-
pend made under this subsection shall be adjusted 
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every 3 years to reflect increases in the Consumer 
Price Index for All Urban Consumers during that 
period. 
‘‘(5) APPLICATIONS.—Each applicant for a sti-
pend made under this subsection shall— 
‘‘(A) propose a small business concern idea 
that will be located in a distressed region; and 
‘‘(B) submit to the Committee a small 
business concern plan that demonstrates— 
‘‘(i) that the applicant will have pri-
mary decision-making authority in the 
small business concern; 
‘‘(ii) a need for the small business 
concern of the applicant in the community 
or how the small business concern solves 
an economic or social problem in the area 
to be served by the small business concern 
or the United States; 
‘‘(iii) how the applicant plans to build 
their small business concern to employ 
local talent in entry-level and mid-level po-
sitions to ensure quality job growth; 
‘‘(iv) a vision for long-term growth in 
the area to be served by the small business 
concern; and 
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‘‘(v) that the applicant does not, at 
the time of application, have the resources 
to start and grow a small business concern 
on their own without assistance. 
‘‘(6) PREFERENCE.— 
‘‘(A) IN GENERAL.—The Committee shall 
give preference to applicants for a stipend 
under this subsection that are— 
‘‘(i) individuals moving to a distressed 
region to encourage new small business 
concern owners in those areas post- 
COVID–19; 
‘‘(ii) individuals who can demonstrate 
a connection to the State or locality in 
which the proposed small business concern 
will be located and are willing to relocate 
within 15 miles of the distressed region; 
‘‘(iii) owners of small business con-
cerns whose businesses were closed or who 
had to significant change their business 
model or services due to the COVID–19 
public health crisis; 
‘‘(iv) entrepreneurs within populations 
underrepresented among small business 
concern owners in the United States, in-
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cluding women and racial and ethnic mi-
nority groups; 
‘‘(v) veterans; 
‘‘(vi) individuals who can demonstrate 
residence of not less than 2 years in a low- 
income census tract; 
‘‘(vii) individuals who have taken non- 
traditional pathways for professional devel-
opment, including individuals without a 
bachelor’s degree or who received Federal 
Pell Grants under section 401 of the High-
er Education Act of 1965 (20 U.S.C. 
1070a), who shall not be required to estab-
lish a small business concern in a dis-
tressed region; or 
‘‘(viii) individuals with business plans 
that have potential, if successful, to be eli-
gible for any contracting assistance pro-
gram of the Administration, including the 
business development program under sec-
tion 8(a), the Women Owned Small Busi-
ness Federal contracting program under 
section 8(m), the service-disabled veteran- 
owned small business program under sec-
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tion 36, and the HUBZone program under 
section 31. 
‘‘(B) CONSIDERATIONS.—When evaluating 
applicants for a stipend under this subsection, 
the Committee— 
‘‘(i) shall differentiate between appli-
cants for a stipend under this subsection 
that aim to be a high-growth startup and 
a traditional small business concern; 
‘‘(ii) shall consider similar categories 
of applicants concurrently; 
‘‘(iii) should seek to encourage both 
high-growth and traditional startups across 
all geographic areas; and 
‘‘(iv) shall— 
‘‘(I) not prioritize applicants with 
prior experience with starting and 
growing a small business concern over 
applications without that experience; 
and 
‘‘(II) give equal consideration to 
applicants with and without the expe-
rience described in subclause (I). 
‘‘(C) ADDITIONAL
METRICS.—The Com-
mittee shall establish additional metrics by 
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which to evaluate applicants for a stipend under 
this subsection, including by creating local and 
State level applicant competitions. 
‘‘(7) NEW ENTREPRENEURS.—The Committee 
may award stipends under this subsection to appli-
cants both at the beginning stages of building their 
small business concern as well as to applicants who 
have had limited prior business experience. 
‘‘(8) NUMBER OF FELLOWS PER SCORE CHAP-
TER.— 
‘‘(A) IN GENERAL.—Each year, the Com-
mittee shall, to the maximum extent prac-
ticable, designate 1 fellow per SCORE chapter 
in the United States, provided that the selection 
process under this subsection remains competi-
tive. 
‘‘(B) 
DISTRIBUTION.—The 
Committee 
shall ensure a fair geographic distribution of 
fellows selected under this subsection, including 
between urban and rural areas, and may create 
a process for ensuring that distribution if the 
Committee determines necessary. 
‘‘(d) BENEFITS.— 
‘‘(1) STUDENT LOAN DEFERMENT.—For each 
fellow under the Program who notifies the Com-
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mittee that the fellow has a loan made, insured, or 
guaranteed under part B, D, or E of title IV of the 
Higher Education Act of 1965 (20 U.S.C. 1071 et 
seq.; 1087a et seq.; 1087aa et seq.) that is in repay-
ment— 
‘‘(A) the Committee shall— 
‘‘(i) inform the Secretary of Edu-
cation that the fellow is participating in a 
fellowship through the Program; and 
‘‘(ii) provide any additional informa-
tion requested by the Secretary of Edu-
cation regarding the fellow and the loan; 
and 
‘‘(B) the Secretary of Education shall, for 
the period of the fellowship— 
‘‘(i) in the case of a loan made under 
part B or E of title IV of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1071 et 
seq.; 1087aa et seq.), require that the 
holder of the loan place the loan in 
deferment, in which interest shall accrue 
and be paid by the Secretary, in the same 
manner as a deferment made under section 
428(b)(1)(M) of the Higher Education Act 
of 1965 (20 U.S.C. 1078(b)(1)(M)); and 
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‘‘(ii) in the case of a loan made under 
part D of such Act (20 U.S.C. 1087a et 
seq.), place the loan in deferment, during 
which interest shall not accrue, in the 
same manner as a deferment made under 
section 455(f)(1) of such Act (20 U.S.C. 
1087e(f)(1)) for a Federal Direct Stafford 
Loan under such part. 
‘‘(2) HEALTH CARE.—With respect to any fel-
low under the Program that is not otherwise covered 
under a health care policy, the Administrator shall 
provide or make available a basic health care policy 
in accordance with section 140(d) of the National 
and Community Service Act of 1990 (42 U.S.C. 
12594(d)) for the 2-year period during which the 
fellow serves under the Program. 
‘‘(e) MENTOR SUPPORT.— 
‘‘(1) IN GENERAL.—Each fellow under the Pro-
gram— 
‘‘(A) shall be assigned by the designated 
SCORE chapter of the fellow a local mentor, 
and the designated SCORE chapter may work 
in partnership with a small business develop-
ment center, a veteran business outreach cen-
ter, a women’s business center, or other local 
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resources to pair the fellow with a mentor and 
provide mentorship; 
‘‘(B) following completion of the Program 
is encouraged to join SCORE, a small business 
development center, a veteran business outreach 
center, or a women’s business center to con-
tribute back to the Program and facilitate part-
nerships with local resource partners of the Ad-
ministration; and 
‘‘(C) shall be assigned by the Committee a 
mentor from the Next Generation Entrepre-
neurship Corps Board, which shall be created 
by the Committee and consist of notable chief 
executive officers of companies and venture cap-
italists from across the United States to help 
advise fellows. 
‘‘(2) PARTNERSHIP.—The Committee shall de-
velop a partnership with the mentor-protege pro-
gram for small business concerns eligible to receive 
contracts pursuant to section 8(a) to assign mentors 
during the second year of the fellowship to fellows 
under the Program that have proposed a small busi-
ness concern that may be eligible to receive contracts 
pursuant to section 8(a). 
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‘‘(3) RESOURCES.—In providing mentorship 
under paragraph (1), each resource partner de-
scribed in that paragraph shall engage the resources 
of the Administration in each State, including 
through partnerships with community organizations. 
‘‘(f) IMMERSIVE INITIAL TRAINING.— 
‘‘(1) IN GENERAL.—Each fellow under the Pro-
gram shall attend an immersive training course de-
signed by the Committee at the beginning of the fel-
lowship, which shall— 
‘‘(A) provide distinct education materials, 
including resources and information, for all fel-
lows on high-growth startups and distinct edu-
cation materials for all fellows on traditional 
small business concerns; 
‘‘(B) incorporate skills building, transfer of 
business know-how when beginning a small 
business concern, and a discussion of resources 
of the Administration; and 
‘‘(C) include information on local resources 
available from SCORE, small business develop-
ment centers, veteran business outreach cen-
ters, and women’s business centers. 
‘‘(2) SELECTION
OF
HOSTS.—Each year, the 
Committee shall select not more than 1 small busi-
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ness resource partner to host the immersive training 
course described in paragraph (1). 
‘‘(g) NETWORK BUILDING.—To foster connections 
across the United States with other innovators, each fellow 
under the Program— 
‘‘(1) shall attend not less than 1 small business 
concern-related conference per year of the fellowship; 
and 
‘‘(2) is encouraged to attend regional small 
business concern-related conferences. 
‘‘(h) ACCESS TO CAPITAL STRATEGY.— 
‘‘(1) ESTABLISHMENT.— 
‘‘(A) IN GENERAL.—The Committee shall 
establish a strategy for access to capital, insur-
ance, and other core small business concern 
services and products, for use both during and 
after the Program, for fellows under the Pro-
gram that provides for the needs of both tradi-
tional small business concerns and high-growth 
startups. 
‘‘(B) REQUIREMENTS.—Under the strat-
egy established under subparagraph (A), the 
Committee shall— 
‘‘(i) provide to each fellow under the 
Program information regarding the pro-
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under the Program to participate in the 
program under section 8(a); and 
‘‘(ii) may implement a process de-
scribed in clause (i) for fellows during the 
period of the fellowship and during the 5- 
year period after the end of the fellowship. 
‘‘(i) PROGRAM FUND FOR CAPITAL.— 
‘‘(1) IN GENERAL.—There is established in the 
Treasury a fund, which shall be available to the Ad-
ministrator to provide loans to qualified investors. 
‘‘(2) AMOUNT OF LOANS.— 
‘‘(A) IN GENERAL.—A loan to a qualified 
investor under this subsection shall be not more 
than 66.6 percent of the amount of equity the 
qualified investor invested in the applicable 
small business concern owned and operated by 
a fellow under the Program. 
‘‘(B) ESTABLISHMENT OF LOAN LIMITS.— 
The Administrator may establish additional lim-
its on the maximum amount of loans to quali-
fied investors under this subsection if the Ad-
ministrator determines the limits are necessary 
to ensure that the Administrator may make 
such loans during the full period of the Pro-
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gram, using the amounts made available for 
such loans. 
‘‘(3) LOAN
TERM.—A loan under this sub-
section shall have a maturity of not longer than 30 
years. 
‘‘(4) RATE OF INTEREST.—The rate of interest 
on a loan under this subsection shall be equal to the 
discount window primary credit interest rate most 
recently published on the Federal Reserve Statistical 
Release on selected interest rates (daily or weekly), 
commonly referred to as the ‘H.15 release’ or the 
‘Federal funds rate’. 
‘‘(5) FUNDING.— 
‘‘(A) APPROPRIATIONS.—Out of funds in 
the Treasury not otherwise appropriated, there 
is appropriated to the fund established under 
paragraph (1) $30,000,000, to remain available 
until expended. 
‘‘(B) REINVESTMENT OF REPAYMENTS.— 
Any amounts received from the repayment of a 
loan under this subsection shall be deposited in 
the fund established under paragraph (1) and 
shall remain available until expended. 
‘‘(j) REPORTING BY FELLOWS.—Each fellow under 
the Program shall, on an annual basis, submit to the Com-
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mittee and each mentor assigned to the fellow under sub-
section (e) a progress report on the activities of the fellow. 
‘‘(k) SELECTION COMMITTEE.— 
‘‘(1) IN GENERAL.—The Administration shall 
establish a selection committee composed of experts 
from educational, scientific, technical, and public 
service backgrounds to— 
‘‘(A) build the next generation of entre-
preneurs under the Program through a trans-
parent, competitive, fair, and rigorous process; 
‘‘(B) enable entrepreneurs each year under 
the Program to successfully build small busi-
ness concerns in distressed regions by providing 
guidance, expertise, and partnerships between 
the fellows and business supports; 
‘‘(C) increase the diversity of entrepreneur-
ship in the United States; 
‘‘(D) increase entrepreneurship in dis-
tressed regions; 
‘‘(E) increase talent retention and migra-
tion to distressed regions; 
‘‘(F) increase investment and growth in 
communities in distressed regions; and 
‘‘(G) ensure the transparent, efficient and 
effective use of taxpayer funds. 
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‘‘(2) MEMBERSHIP.— 
‘‘(A) COMPOSITION.—The Committee shall 
be composed of 12 members appointed by the 
Administrator, of whom— 
‘‘(i) 1 member shall be a small busi-
ness concern investor such as a venture 
capitalist or an angel investor; 
‘‘(ii) 1 member shall be a small busi-
ness concern banker, including— 
‘‘(I) a community development fi-
nancial institution; or 
‘‘(II) a minority depository insti-
tution; 
‘‘(iii) 3 members shall be successful 
entrepreneurs; 
‘‘(iv) 1 member shall be a SCORE 
representative; 
‘‘(v) 1 member shall be a mentor in 
the mentor-protege program for small busi-
ness concerns eligible to receive contracts 
pursuant to section 8(a) who has relevant 
contracting experience; 
‘‘(vi) 1 member shall be an expert on 
economic development; 
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‘‘(vii) 1 member shall be an expert on 
distressed regions; and 
‘‘(viii) 3 members shall be individuals 
from the private sector with relevant expe-
rience as related to the mission and the 
duties of the Committee. 
‘‘(B) PREFERENCE.—There shall be a 
preference for the appointment of members of 
the Committee who are within populations that 
are underrepresented among small business 
concern owners in the United States, including 
women and ethnic minority groups. 
‘‘(C) CHAIR.—The Administrator shall se-
lect the chair of the Committee from among 
members of the Committee. 
‘‘(D) TERM; VACANCIES.—The term of of-
fice of each member of the Committee shall be 
6 years, except that— 
‘‘(i) of the members first serving on 
the Committee— 
‘‘(I) 4 shall serve terms of 2 
years; 
‘‘(II) 4 shall serve terms of 4 
years; and 
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‘‘(III) 4 shall serve terms of 6 
years; 
‘‘(ii) any member appointed to fill a 
vacancy shall serve for the remainder of 
the term for which his predecessor was ap-
pointed and shall be appointed in the same 
manner as the original appointment for 
that vacancy was made; and 
‘‘(iii) upon the expiration of their 
term of office, any member of the Com-
mittee may continue to serve until their 
successor is appointed. 
‘‘(E) POLITICAL PARTY.—Not more than 6 
members of the Committee shall be from the 
same political party. 
‘‘(F) APPOINTMENTS.—Appointments to 
the Committee shall be made not later than 30 
days after the date of enactment of the Next 
Generation Entrepreneurship Corps Act. 
‘‘(3) COMPENSATION.—Members of the Com-
mittee shall serve without pay, but shall be entitled 
to reimbursement for travel, subsistence, and other 
necessary expenses incurred in the performance of 
their duties. 
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‘‘(4) FIRST MEETING.—Not later than 30 days 
after the appointment of a majority of Committee 
members, the Committee shall hold its first meeting. 
‘‘(5) DUTIES
AND
RESPONSIBILITIES.—The 
Committee— 
‘‘(A) shall provide for the conduct of a na-
tionwide competition for selecting fellows to 
participate in the Program by— 
‘‘(i) issuing a request for applications 
not later than 6 months after the date of 
enactment of the Next Generation Entre-
preneurship Corps Act, with a deadline for 
submissions that is not later than 12 
months after such date of enactment; 
‘‘(ii) partnering with private organiza-
tions, including those with investment ex-
perience or experience in the area of in-
vesting in businesses, to provide edu-
cational materials to educate the public 
about the Program, help ensure that the 
Program is competitive, and increase 
awareness of the Program; 
‘‘(iii) partnering with organizations 
that work with or provide programming for 
the K–20 entrepreneurship pipeline; and 
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‘‘(iv) selecting the first group of fel-
lows not later than 13 months after the 
date of enactment of the Next Generation 
Entrepreneurship Corps Act; 
‘‘(B) shall carry out the duties described in 
this section with respect to the Program; 
‘‘(C) may identify— 
‘‘(i) priority sectors that advance the 
social and economic development of a geo-
graphic area or the United States, includ-
ing social services, education, health and 
nutrition, child care, manufacturing, tech-
nology, or any industry sector that sup-
ports the economic development strategy of 
an area; and 
‘‘(ii) prohibited sectors and businesses 
that could harm the economic development 
of communities, such as— 
‘‘(I) predatory financial services 
and addictive substances; and 
‘‘(II) businesses described in sec-
tion 120.110 of title 13, Code of Fed-
eral Regulations, or any successor 
regulation; 
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‘‘(D) may create an entity described in sec-
tion 501(c)(3) of the Internal Revenue Code 
and exempt from taxation under section 501(a) 
of such Code to solicit private funding for the 
Program; 
‘‘(E) may work with the Economic Devel-
opment Agency of the Department of Com-
merce in carrying out the duties of the Program 
and providing resources to fellows under the 
Program; and 
‘‘(F) shall assist with the facilitation of 
pairing, and encourage designated SCORE 
chapters to pair, assigned fellows with local ac-
celerators. 
‘‘(6) STAFF.—The Committee may appoint a 
staff director and other personnel as necessary to 
carry out the duties of the Committee. 
‘‘(7) APPLICABILITY
OF
FACA.—The Federal 
Advisory Committee Act (5 U.S.C. App.) shall not 
apply to the Committee. 
‘‘(l) REPORTS.—Not later than 1 year after the date 
on which the Committee selects the first group of fellows 
for the Program, and every year thereafter, the Committee 
shall submit to Congress a report that empirically evalu-
ates the effectiveness of the Program, including an evalua-
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tion by revenues and jobs created and sustained, small 
business concern survival rates, capital raised, and other 
metrics determined appropriate by the Committee. 
‘‘(m) AUTHORIZATIONS OF APPROPRIATIONS.— 
‘‘(1) STIPENDS
AND
NETWORK
BUILDING.— 
There is authorized to be appropriated $39,200,000 
for each fiscal year for the Program, of which— 
‘‘(A) $38,400,000 shall be for stipends 
made under subsection (b)(1); and 
‘‘(B) $800,000 shall be for providing reim-
bursable expenses for travel and stay up to 
$2,500 per fellow to attend 1 conference de-
scribed in subsection (g). 
‘‘(2) SCORE.—There is authorized to be ap-
propriated $5,000,000 for each fiscal year to 
SCORE to carry out activities under the Program. 
‘‘(3) IMMERSIVE INITIAL TRAINING.—There is 
authorized to be appropriated for each fiscal year 
such sums as may be necessary to provide to the 
Committee $4,000 per fellow under the Program for 
the cost of hosting the immersive initial training 
under subsection (f). 
‘‘(4) STAFF AND ADMINISTRATION.—There is 
authorized to be appropriated $2,500,000 for each 
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fiscal year for staff and administrative expenses of 
the Administration to implement the Program. 
‘‘(5) 
STUDENT
LOAN
DEFERRAL
AND 
HEALTHCARE.—There is authorized to be appro-
priated such sums as may be necessary to carry out 
subsection (d). 
‘‘(6) COMMITTEE COSTS.—There is authorized 
to be appropriated $4,000,000 for each fiscal year 
for travel and administrative expenses of the Com-
mittee.’’. 
Æ 
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E:\BILLS\H8851.IH
H8851
pbinns on DSKJLVW7X2PROD with BILLS