I 
117TH CONGRESS 
1ST SESSION H. R. 1226 
To establish a Next Generation Entrepreneurship Corps program within the 
Small Business Administration, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 23, 2021 
Mr. CROW (for himself, Mr. BALDERSON, Miss RICE of New York, Mr. SAN 
NICOLAS, Mr. PHILLIPS, Mr. TRONE, Ms. NORTON, Mr. CASE, and Ms. 
TITUS) 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 subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion 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 ‘fellow’ means an individual par-
ticipating as a fellow under the Program; 
‘‘(6) 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); 
‘‘(7) the term ‘Program’ means the Next Gen-
eration Entrepreneurship Corps Program established 
under subsection (b); 
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