SEC. 2. PURPOSE. 
The purpose of this Act is to assist with the economic 
growth of economically disadvantaged communities that 
have potential for strong Class 1 commercial investment, 
but continue to have a difficult time recruiting Class 1 
commercial investment. 
SEC. 3. ECONOMIC GROWTH, RETENTION, AND RECRUIT-
MENT OF COMMERCIAL INVESTMENT IN UN-
DERSERVED COMMUNITIES. 
The Small Business Investment Act of 1958 (15 
U.S.C. 661 et seq.) is amended by adding at the end the 
following new title: 
‘‘TITLE VI—ECONOMIC GROWTH, 
RETENTION, 
AND 
RECRUIT-
MENT OF COMMERCIAL IN-
VESTMENT 
IN 
ECONOMI-
CALLY DISADVANTAGED COM-
MUNITIES 
‘‘SEC. 511. GRANT PROGRAM. 
‘‘(a) AUTHORIZATION.—From amounts appropriated 
under section 513, the Administrator shall make grants 
on a competitive basis to communities for— 
‘‘(1) the creation of a grant and/or revolving 
loan fund program that helps develop financing 
packages for Class 1 commercial investment; 
‘‘(2) lowering real estate property tax rates; 
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‘‘(3) conducting community-wide market anal-
ysis to help recruit and/or retain Class 1 commercial 
investment; 
‘‘(4) creating employment training programs for 
Class 1 business customer service, sales, and mana-
gerial positions; 
‘‘(5) retail marketing strategies to solicit new 
Class 1 commercial investment starts in the commu-
nity; 
‘‘(6) program allowances for activities such as 
the publication of marketing materials, development 
of economic development web pages, and educational 
outreach activities with retail trade associations; and 
‘‘(7) hiring business recruitment specialists. 
‘‘(b) ELIGIBILITY.—The Administrator may only 
make a grant under subsection (a) to communities that— 
‘‘(1) demographics include— 
‘‘(A) a median per capita income no higher 
than $35,000; and 
‘‘(B) a lack of Class 1 commercial invest-
ment; and 
‘‘(2) submit an application at such time, in 
such form, and containing such information and as-
surances as the Administrator may require, includ-
ing— 
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‘‘(A) a description of how the community 
through the activities the community carries out 
with the grant funds will recruit, retain and 
grow their economy through Class 1 commercial 
investment; and 
‘‘(B) a description of the difficulty the 
community has faced recruiting, retaining and 
growing their economy through Class 1 com-
mercial investment. 
‘‘(c) MATCHING FUNDS.— 
‘‘(1) IN GENERAL.—The Administrator may not 
make a grant to a community under subsection (a) 
unless the community agrees that, with respect to 
the costs to be incurred by the community in car-
rying out the activities for which the grant is award-
ed, the community will make available non-Federal 
contributions in an amount equal to not less than 10 
percent of the Federal funds provided under the 
grant. 
‘‘(2) SATISFYING MATCHING REQUIREMENTS.— 
The non-Federal contributions required under para-
graph (1) may be— 
‘‘(A) in cash or in-kind, including services, 
fairly evaluated; and 
‘‘(B) from— 
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‘‘(i) any private source; 
‘‘(ii) a State or local governmental en-
tity; or 
‘‘(iii) a not-for-profit. 
‘‘(3) WAIVER.—The Administrator may waive 
or reduce the non-Federal contribution required by 
paragraph (1) if the community involved dem-
onstrates that the eligible entity cannot meet the 
contribution requirement due to financial hardship. 
‘‘(d) LIMITATIONS.—Funding appropriated under 
section 513 will be allocated by the following formula— 
‘‘(1) no more than up to 5 percent of funds ap-
propriated under section 513 shall go to administra-
tive costs; 
‘‘(2) up to 70 percent of funding appropriated 
under section 513 shall go toward activities de-
scribed in sections (a)(1) through (a)(4) after taking 
into account administrative costs under section 
(c)(1)(A); and 
‘‘(3) 30 percent of funding appropriated under 
section 513 shall go toward activities described in 
sections (a)(5) through (a)(7) after taking into ac-
count administrative costs under section (c)(1)(A). 
‘‘SEC. 512. DEFINITIONS. 
‘‘In this title, the following definitions apply: 
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‘‘(1) 
COMMUNITY.—The 
term 
‘community’ 
means a governance structure that includes county, 
parish, city, village, township, district or borough. 
‘‘(2) CLASS 1 COMMERCIAL INVESTMENT.—The 
term ‘Class 1 commercial investment’ means retail 
grocery chains, food service retailers, restaurants 
and franchises, retail stores, cafes, shopping malls, 
and other shops. 
‘‘(3) ECONOMICALLY
UNDERSERVED
COMMU-
NITY.—The term ‘economically underserved commu-
nity’ means an area suffering from low income and 
resultant low purchasing power, limiting its ability 
to generate sufficient goods and services to be used 
in exchange with other areas to meet current con-
sumption needs. 
‘‘SEC. 513. AUTHORIZATION OF APPROPRIATIONS. 
‘‘There is authorized to be appropriated to the Ad-
ministrator to carry out section 511(a) $40,000,000 for 
each of fiscal years 2014 through 2019.’’. 
Æ 
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