‘‘(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 
under the Program by a fellow. 
‘‘(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-
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’. 
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‘‘(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 shall 
submit to the Committee and each mentor assigned to the 
fellow under subsection (e) a progress report on the activi-
ties of the fellow with respect to each year during which 
the fellow participates in the Program and each of the 3 
years after the fellow completes participation in the Pro-
gram, which shall include information regarding revenue, 
jobs created, pursuit of external funding and other metrics 
determined by Committee. 
‘‘(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— 
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‘‘(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. 
‘‘(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; 
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‘‘(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; 
‘‘(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 
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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 
‘‘(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 
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‘‘(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. 
‘‘(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— 
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‘‘(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; 
‘‘(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-
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merce in carrying out the duties of the Program 
and providing resources to fellows; 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, 
and every year thereafter, the Committee shall submit to 
Congress a report that empirically evaluates the effective-
ness of the Program, including an evaluation by revenues 
and jobs created and sustained, small business concern 
survival rates, capital raised, and other metrics deter-
mined 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— 
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‘‘(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 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 
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 
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for travel and administrative expenses of the Com-
mittee.’’. 
Æ 
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