I 
116TH CONGRESS 
2D SESSION 
H. R. 8851 
To establish a Next Generation Entrepreneurship Corps program within the 
Small Business Administration, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 3, 2020 
Mr. CROW (for himself and Mr. BALDERSON) introduced the following bill; 
which was referred to the Committee on Small Business, and in addition 
to the Committee on Education and Labor, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To establish a Next Generation Entrepreneurship Corps pro-
gram within the Small Business Administration, and for 
other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Next Generation En-
trepreneurship Corps Act’’. 
SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that— 
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(1) the United States has a successful fellow-
ship for building the next generation of public serv-
ants; and 
(2) with the devastation facing small businesses 
in the United States as a result of the novel 2019 
Coronavirus (COVID–19), rebuilding Main Street 
will require a new generation of entrepreneurial tal-
ent with the backing of the Federal Government. 
SEC. 3. NEXT GENERATION ENTREPRENEURSHIP CORPS 
PROGRAM. 
The Small Business Act (15 U.S.C. 631 et seq.) is 
amended— 
(1) by redesignating section 49 (15 U.S.C. 631 
note) as section 50; and 
(2) by inserting after section 48 (15 U.S.C. 
657u) the following: 
‘‘SEC. 49. NEXT GENERATION ENTREPRENEURSHIP CORPS 
PROGRAM. 
‘‘(a) DEFINITIONS.—In this section— 
‘‘(1) the term ‘Committee’ means the selection 
committee established under subsection (k); 
‘‘(2) the term ‘community development financial 
institution’ has the meaning given the term in sec-
tion 103 of the Riegle Community Development and 
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Regulatory Improvement Act of 1994 (12 U.S.C. 
4702); 
‘‘(3) the term ‘distressed region’ means any 
census tract or other area that is treated as a low- 
income community for purposes of section 45D of 
the Internal Revenue Code of 1986; 
‘‘(4) the term ‘equity investment’— 
‘‘(A) means an investment for an owner-
ship interest in an entity, the financial return 
with respect to which is principally aligned with 
the financial return of the plurality of owner-
ship interests in the entity; and 
‘‘(B) includes a debt instrument that can 
be converted to an equity ownership interest in 
an entity based on future events; 
‘‘(5) the term ‘minority depository institution’ 
has the meaning given the term in section 308 of the 
Financial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1463 note); 
‘‘(6) the term ‘Program’ means the Next Gen-
eration Entrepreneurship Corps Program established 
under subsection (b); 
‘‘(7) the term ‘qualified investor’ means a per-
son that— 
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‘‘(A) invests equity in a small business 
concern owned and operated by a fellow under 
the Program; and 
‘‘(B) has not more than $250,000,000 in 
assets; 
‘‘(8) the term ‘SCORE’ means the Service 
Corps of Retired Executives established under sec-
tion 8(b)(1)(B); 
‘‘(9) the term ‘State’ means any State of the 
United States, the District of Columbia, and any 
territory of the United States; 
‘‘(10) the term ‘veteran business outreach cen-
ter’ means a veteran business outreach center de-
scribed in section 32; and 
‘‘(11) the term ‘women’s business center’ means 
a women’s business center operating pursuant to 
section 29. 
‘‘(b) ESTABLISHMENT.— 
‘‘(1) IN GENERAL.—There is established within 
the Administration an independent fellowship pilot 
program to be known as the ‘Next Generation En-
trepreneurship Corps Program’ to foster entrepre-
neurship in the most distressed regions of the 
United States, including distressed regions affected 
by the COVID–19 pandemic. 
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