Revitalizing Small and Local Businesses Act
Bill: H.R.7451 | Sponsor: Rep. Carter, Troy (D-LA)
Policy area: Commerce

Summary:
Revitalizing Small and Local Businesses Act
This bill establishes a competitive grant program, administered by the Economic Development Administration, for national nonprofit organizations to partner with local organizations to provide specialized technical assistance, capacity building, and related services that support small businesses and business district revitalization in low-income, rural, and minority communities.

To establish a competitive grant program to provide assistance to 
 support small businesses and business district revitalization in low-
    income, rural, and minority communities, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

     This Act may be cited as the ``Revitalizing Small and Local 
Businesses Act''.

SEC. 2. REVITALIZING BUSINESS DISTRICTS PROGRAM.

    (a) In General.--Title II of the Public Works and Economic 
Development Act of 1965 (42 U.S.C. 3141 et seq.) is amended by adding 
at the end the following:

``SEC. 219. REVITALIZING BUSINESS DISTRICTS PROGRAM.

    ``(a) Definitions.--In this section:
            ``(1) National nonprofit organization.--The term `national 
        nonprofit organization' means a nonprofit organization that--
                    ``(A) operates, including through affiliates, 
                membership networks or partnerships with third party 
                entities, in each geographic area served by a regional 
                office of the Economic Development Administration; and
                    ``(B) has experience and expertise in providing 
                technical assistance and capacity building programs in 
                support of community-based organizations that focus on 
                revitalizing business districts and commercial 
                corridors, including through support of underserved 
                small businesses.
            ``(2) Nonprofit organization.--The term `nonprofit 
        organization' means an organization that is--
                    ``(A) described in paragraph (3), (4), (5), or (6) 
                of section 501(c) of the Internal Revenue Code of 1986; 
                and
                    ``(B) exempt from taxation under section 501(a) of 
                that Code.
    ``(b) Program.--The Secretary shall establish a national program 
under which the Secretary shall award grants on a competitive basis to 
national nonprofit organizations to carry out place-based programs, in 
partnership with locally-based nonprofit or public community and 
economic development partners, to provide specialized technical 
assistance, capacity building, and related services that support small 
businesses and business district revitalization in low-income, rural, 
and minority communities.
    ``(c) Use of Funds.--The Secretary shall establish reasonable caps 
on administrative costs and activities necessary for awardees to 
implement activities funded under the program established under 
subsection (b).
    ``(d) Application.--A national nonprofit organization seeking a 
grant under this section shall submit an application to the Secretary 
at such time, in such manner, and containing such information as the 
Secretary may require. Applications shall include a strategy for 
distributions of grant funds to local business district organizations 
or similar place-based business or economic development organizations.
    ``(e) Partnerships.--In order to receive a grant under this 
section, a national nonprofit organization shall demonstrate a track 
record of supporting local business district organizations or similar 
place-based business or economic development organizations and serving 
disadvantaged businesses or communities that are socially and 
economically disadvantaged, including rural communities.
    ``(f) Prioritization.--Notwithstanding section 206 in selecting 
grant recipients under this section, the Secretary shall ensure a broad 
geographic distribution of award activities, and give priority to an 
applicant--
            ``(1) that would serve communities that are socially and 
        economically disadvantaged, including rural communities; and
            ``(2) that has the demonstrated capacity to serve multiple 
        States or multiple geographies within a State.
    ``(g) Reporting.--Awardees must submit to the Secretary (at such 
time and in such manner as the Secretary may prescribe, but no more 
frequently than annually) a report specifying--
            ``(1) the names and addresses of the local business 
        development or economic development organizations funded by the 
        awardee;
            ``(2) the use of funds, both by the awardee and by each 
        funded entity;
            ``(3) the total number of small businesses receiving direct 
        or indirect assistance through the funding and the number of 
        employees at those business;
            ``(4) the total number of such small businesses that 
        qualify as disadvantaged businesses or are in communities that 
        are socially or economically disadvantaged, including rural 
        communities, and the number of employees at such businesses; 
        and
            ``(5) such other information as the Secretary may require.
    ``(h) Administration.--The Secretary shall carry out this section 
through the headquarters office of the Economic Development 
Administration.
    ``(i) Federal Share.--
            ``(1) In general.--Subject to paragraphs (2) and (3) and 
        notwithstanding section 204 or any other provision of law, the 
        Federal share of the cost of a project carried out with 
        assistance under this section shall be not more than 80 
        percent.
            ``(2) Use of other federal funds.--A grant recipient may 
        use other Federal funds provided to the grant recipient to 
        increase the Federal share under paragraph (1) up to 100 
        percent, as the Secretary determines to be appropriate.
            ``(3) Waiver.--The Secretary may increase the Federal share 
        under paragraph (1) up to 100 percent if the Secretary 
        determines that the grant recipient is unable to pay, or would 
        experience significant financial hardship if required to pay, 
        the non-Federal share.
    ``(j) Administrative Costs.--Of the amounts made available to carry 
out this section for a fiscal year, the Secretary may use not more than 
2 percent for the administrative costs of carrying out this section.
    ``(k) Funding.--Out of any unobligated funds provided to the 
Economic Development Administration, the Secretary may expend up to 
$50,000,000 for each of fiscal years 2022 through 2026, to remain 
available until expended, to carry out this section.''.
    (b) Direct Expenditure or Redistribution by Recipient.--Section 
217(a) of the Public Works and Economic Development Act of 1965 (42 
U.S.C. 3154c(a)) is amended by striking ``or 207'' and inserting ``207, 
or 219''.
    (c) Clerical Amendment.--The table of contents in section 1(b) of 
the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 
note) is amended by inserting after the item relating to section 218 
the following new item:

``Sec. 219. Revitalizing business districts program.''.
                                 <all>