CREATE Act of 2022
Bill: S.3521 | Sponsor: Sen. Schatz, Brian (D-HI)
Policy area: Commerce

Summary:
Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy Act of 2022 or the CREATE Act of 2022
This bill expands financial assistance for, and establishes measures to support, the creative economy and art entrepreneurs.
Specifically, the bill requires (1) the Small Business Administration to develop loan criteria, evaluation procedures, and technical assistance programs for small business concerns that are owned by artists and support the creative economy; and (2) the Department of Commerce to ensure that traditional economic development tools, such as business incubators and grant programs, support the arts industry and creative economy.

To assist entrepreneurs and support development of the creative 
                    economy, 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 ``Comprehensive Resources for 
Entrepreneurs in the Arts to Transform the Economy Act of 2022'' or the 
``CREATE Act of 2022''.

SEC. 2. MICROLOAN PROGRAM EXPANSION.

    Section 7(m)(6) of the Small Business Act (15 U.S.C. 636(m)(6)) is 
amended by adding at the end the following:
                    ``(F) Loan criteria for artists and arts 
                entrepreneurs.--The Administration, in consultation 
                with eligible intermediaries, shall develop loan 
                criteria to ensure that small business concerns owned 
                and controlled by artists and small business concerns 
                that support the creative economy receive loan proceeds 
                under this subsection.''.

SEC. 3. SBA BUSINESS LOANS FOR THE CREATIVE ECONOMY.

    Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is 
amended by adding at the end the following:
            ``(38) Creative economy.--In providing assistance under 
        this subsection, the Administration shall develop procedures to 
        evaluate the business proposals and business plans of non-
        employer businesses and small business concerns that focus on 
        economic development, job creation, and community growth with 
        respect to the creative economy.''.

SEC. 4. SBA TECHNICAL ASSISTANCE PROGRAMS.

    Section 21 of the Small Business Act (15 U.S.C. 648) is amended by 
adding at the end the following:
    ``(o) Technical Assistance Programs for Artists and Arts 
Entrepreneurs.--The Administration, in consultation with relevant 
stakeholders, shall develop technical assistance programs to be carried 
out by small business development centers under this subsection that 
target the specific needs of artists and arts entrepreneurs.''.

SEC. 5. ARTS-FOCUSED ECONOMIC DEVELOPMENT.

    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. ARTS-FOCUSED ECONOMIC DEVELOPMENT.

    ``(a) Definitions.--In this section:
            ``(1) Business incubation program.--The term `business 
        incubation program' means a program that--
                    ``(A) accelerates the successful development of 
                entrepreneurial businesses through business support 
                resources and services, developed or orchestrated by 
                incubator management;
                    ``(B) is designed to produce successful businesses; 
                and
                    ``(C) provides management guidance, technical 
                assistance, and consulting designed for young, growing 
                businesses, including by providing--
                            ``(i) rental space and flexible leases;
                            ``(ii) shared basic business services and 
                        equipment;
                            ``(iii) technology support services; and
                            ``(iv) assistance in obtaining financing 
                        necessary for growth of the business.
            ``(2) Incubator.--The term `incubator' means a multitenant 
        facility with on-site management that directs a business 
        incubation program.
    ``(b) Arts-Focused Economic Development.--In providing grants and 
assistance under this Act (including through the local technical 
assistance, partnership planning, and comprehensive economic 
development strategies programs of the Economic Development 
Administration), the Secretary shall provide to State, regional, and 
local arts agencies, artists, and creative workers support through 
traditional economic development tools, including--
            ``(1) incubators; and
            ``(2) economic development planning and technical 
        assistance, including assistance for State, regional, and local 
        arts agencies in work related to comprehensive economic 
        development strategies.''.

SEC. 6. DEMONSTRATION PROGRAM TO PROMOTE USE OF CREATIVE INDUSTRIES AND 
              OCCUPATIONS IN CERTAIN ECONOMIC PLANNING.

    Not later than 120 days after the date of enactment of this Act, 
the Secretary of Commerce shall establish a demonstration program to 
assess the feasibility and advisability of providing support to local 
arts agencies and nonprofits through planning grants under section 203 
of the Public Works and Economic Development Act of 1965 (42 U.S.C. 
3143) and local technical assistance grants under section 207 of that 
Act (42 U.S.C. 3147) to promote the use of creative industries and 
occupations in the economic planning of local governments, including in 
comprehensive economic development strategies.
                                 <all>