Title: To codify the Small Business Administration's Growth Accelerator Fund Competition, and for other purposes.
Policy area: Commerce

Summary:
This bill amends the Small Business Act to codify provisions establishing the Growth Accelerator Fund Competition program, under which the Small Business Administration (SBA) shall award prizes competitively to covered entities (private entities that are incorporated in and maintain a primary place of business in the United States) that:

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2686 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2686

 To codify the Small Business Administration's Growth Accelerator Fund 
                  Competition, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2017

Mr. Espaillat introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 To codify the Small Business Administration's Growth Accelerator Fund 
                  Competition, 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. GROWTH ACCELERATOR FUND COMPETITION.

    The Small Business Act (15 U.S.C. 631 et seq.) is amended--
            (1) by redesignating section 47 as section 48; and
            (2) by inserting after section 46 the following:

``SEC. 47. GROWTH ACCELERATOR FUND COMPETITION.

    ``(a) In General.--There is established a program within the Small 
Business Administration to be known as the `Growth Accelerator Fund 
Competition', under which the Administrator shall award prizes 
competitively to covered entities that--
            ``(1) assist small business concerns access capital, 
        mentors, and networking opportunities; and
            ``(2) advise small business concerns, including advising on 
        market analysis, company strategy, revenue growth, and securing 
        funding.
    ``(b) Prize Competition.--Except as otherwise provided in this 
section, the Administrator shall carry out the program established 
under this section in accordance with the requirements of section 24 of 
the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. 
3719).
    ``(c) Application.--A prize only may be awarded to a covered entity 
that submits to the Administrator an application at such time, in such 
manner, and containing such information as the Administrator may 
require.
    ``(d) Eligibility.--To be eligible to apply for a prize under this 
section, a covered entity--
            ``(1) may not have an outstanding, unresolved financial 
        obligation to the Federal Government; and
            ``(2) may not be currently suspended or debarred as 
        specified in subpart 9.4 of title 48, Code of Federal 
        Regulations (or any successor regulation).
    ``(e) Selection of Small Business Concerns.--A covered entity that 
receives a prize under this section shall use a selective process to 
identify small business concerns to assist and advise under the Growth 
Accelerator Fund Competition.
    ``(f) Selection of Covered Entities.--From applications submitted 
under subsection (c), the Administrator shall select covered entities 
that will provide to small business concerns identified under 
subsection (e)--
            ``(1) regular networking opportunities, including 
        introductions to customers, partners, suppliers, advisory 
        boards and others persons;
            ``(2) mentorship opportunities, including advice on advice 
        on strategy, technology, finances, and commercialization 
        assistance;
            ``(3) shared working environments focused on building a 
        strong community amongst other similar small business concerns;
            ``(4) resources and co-working arrangements;
            ``(5) opportunities to pitch ideas to investors and other 
        capital formation opportunities;
            ``(6) small amounts of angel money, seed capital, or 
        structured loans; and
            ``(7) where appropriate, assistance in securing funding 
        under the SBIR program or the STTR program established under 
        section 9.
    ``(g) Priority.--
            ``(1) In general.--The Administrator, in approving 
        applications under this section, shall give priority to 
        applications that include methods to provide services to 
        underserved communities, such as women, veterans, and 
        economically disadvantaged individuals.
            ``(2) Allocation.--Of prizes awarded to covered entities 
        under this section in a fiscal year, the Administrator shall 
        ensure that--
                    ``(A) not less than 20 percent of such covered 
                entities will assist and advise small business concerns 
                owned and controlled by women; and
                    ``(B) not less than 20 percent of such covered 
                entities will assist and advise small business concerns 
                owned and controlled by socially and economically 
                disadvantaged individuals defined in section 
                8(d)(3)(C).
    ``(h)  Development of Metrics.--The Administrator shall develop 
metrics to evaluate the effectiveness and the benefit to the people of 
the United States of the Growth Accelerator Fund Competition that--
            ``(1) are science-based and statistically driven;
            ``(2) reflect the mission of the Administration; and
            ``(3) include factors relating to the economic impact of 
        the Growth Accelerator Fund Competition.
    ``(i) Covered Entity Defined.--In this section, the term `covered 
entity' means a private entity that is incorporated in and maintains a 
primary place of business in the United States.
    ``(j) Authorization of Appropriations.--There are authorized to be 
appropriated to the Administrator such sums as may be necessary to 
carry out the Growth Accelerator Fund Competition.''.
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