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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Startup Opportunity Accelerator Act
of 2014'' or the ''SOAR Act''.

SEC. 2. FUNDING FOR ORGANIZATIONS THAT SUPPORT STARTUP BUSINESSES.

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

''SEC. 47. FUNDING FOR ORGANIZATIONS THAT SUPPORT STARTUP BUSINESSES.

''(a) Definitions.--In this section--
''(1) the term 'eligible entity' means an organization--
''(A) that is located in the United States; and
''(B) the primary purpose of which is to support
new small business concerns;
''(2) the term 'new small business concern' means a small
business concern that has been in operation for not more than 5
years; and
''(3) the term 'State' means any State of the United
States, the District of Columbia, the Commonwealth of Puerto
Rico, and any territory or possession of the United States.
''(b) Funding.--
''(1) In general.--Not later than 1 year after the date of
enactment of this section, the Administrator shall develop and
begin implementing a program to award cash prizes of not more
than $50,000 to eligible entities to support new small business
concerns.
''(2) Use of funds.--A prize under this section--
''(A) may be used for construction costs, space
acquisition, and programmatic purposes; and
''(B) may not be used to provide capital or
professional services to new small business concerns
directly or through the subaward of funds.
''(c) Requirement for Applicants.--An eligible entity desiring a
prize under this section shall demonstrate that the eligible entity
will use the prize to provide assistance to not less than 10 new small
business concerns per year.
''(d) Criteria.--The Administrator shall establish criteria for
prizes under this section that shall give priority to eligible entities
that are providing or plan to provide to new small business concerns--
''(1) office, manufacturing, or warehouse space, including
appropriate operations infrastructure;
''(2) access to capital (either directly from the eligible
entity (using amounts other than the amounts provided under the
prize) or through guidance and contacts for acquiring capital
from outside investors);
''(3) access to professional services (either directly from
the eligible entity (using amounts other than the amounts
provided under the prize) or through guidance and contacts for
acquiring professional services), including accounting and
legal services; or
''(4) a formal structured mentorship or developmental
program that assists new small business concerns with building
business skills and competencies.
''(e) Considerations in Choosing Recipients.--In determining
whether to award a prize under this section to an eligible entity, the
Administrator shall take into account--
''(1) for eligible entities that have in operation a
program to support new small business concerns, the record of
the eligible entity in assisting new small business concerns,
including, for each of the 3 full years before the date on
which the eligible entity applies for a prize under this
section--
''(A) the retention rate of new small business
concerns in the program of the eligible entity;
''(B) the average period of participation by new
small business concerns in the program of the eligible
entity;
''(C) the total, average, and median capital raised
by new small business concerns participating in the
program of the eligible entity; and
''(D) the total, average, and median number of
employees of new small business concerns participating
in the program of the eligible entity;
''(2) for all eligible entities--
''(A) the number of new small business concerns
assisted or anticipated to be assisted by the eligible
entity;
''(B) the number of new small business concerns
applying or anticipated to apply for assistance from
the eligible entity;
''(C) whether the program of the eligible entity
provides or would provide assistance to individuals in
gender, racial, or ethnic groups underrepresented by
existing programs to assist new small business
concerns; and
''(D) other metrics determined appropriate by the
Administrator;
''(3) the need in the geographic area to be served by the
program to be carried out using the prize for additional
assistance for new small business concerns, if the area has
sufficient population density, as determined by the
Administrator;
''(4) the level of experience of the entrepreneurial
leadership of the eligible entity; and
''(5) the ability of the eligible entity to use and
leverage local strengths, including human resources,
infrastructure, and educational institutions.
''(f) Matching Nonpublic Funding Requirement.--
''(1) In general.--An eligible entity receiving a prize
under this section shall obtain funds from a private individual
or entity (including a for profit or nonprofit entity) that
are--
''(A) for the same purposes as a prize may be made
under this section;
''(B) used to carry out the program of the eligible
entity carried out using the prize under this section;
and
''(C) in an amount that is not to be less than 50
percent of the amount of the prize under this section.
''(2) Form of non-federal share.--Not more than 25 percent
of the funds obtained under paragraph (1) may be in the form of
in-kind contributions.
''(g) Consequences of Failure To Abide by Terms and Conditions of
Prize or Requirements of This Section.--The Administrator shall notify
each eligible entity receiving a prize under this section that failure
to abide by the terms and conditions of the prize or the requirements
of this section may, in the discretion of the Administrator and in
addition to any other civil or criminal consequences, result in the
Administrator ordering the eligible entity to return the prize funds.
''(h) Annual Progress Reporting by Recipients of Prize.--Each
eligible entity receiving a prize under this section shall submit to
the Administrator an annual report on the progress of the program
carried out using the amounts received under the prize, including--
''(1) the number of new small business concerns
participating in the program during each of the previous 3
years;
''(2) the number of new small business concerns applying to
participate in the program during each of the previous 3 years;
''(3) the retention rate of new small business concerns in
the program;
''(4) the average period of participation in the program by
new small business concerns;
''(5) the total, average, and median capital raised by new
small business concerns participating in the program;
''(6) the total, average, and median number of employees of
new small business concerns participating in the program; and
''(7) other metrics determined appropriate by the
Administrator.
''(i) Report to Congress.--The Administrator shall submit to
Congress an annual report on the program under this section, which
shall include an assessment of the effectiveness of the program,
including an assessment based on the metrics listed in subsection (h).
''(j) Coordination With Other Small Business Administration
Programs.--The Administrator shall take appropriate action to encourage
eligible entities receiving a prize under this section to use and
incorporate other programs of the Administration, such as small
business development centers, small business investment companies,
loans under section 7(a), and assistance under title V of the Small
Business Investment Act of 1958 (15 U.S.C. 695 et seq.).
''(k) Listing on Website.--The Administrator shall include a list
of eligible entities receiving a prize under this section on the
website of the Administration.
''(l) Authorization of Appropriation.--There are authorized to be
appropriated to carry out this section $5,000,000 for each of the first
5 fiscal years beginning after the date of the enactment of this
section.''.
Startup Opportunity Accelerator Act of 2014 or the SOAR Act - Amends the Small Business Act to require the Administrator of the Small Business Administration (SBA) to develop a program to award cash prizes of up to $50,000 to organizations in the United States whose primary purpose is to support new small businesses that have been in operation for five years or less. Authorizes the use of a prize for construction costs, space acquisition, and programmatic purposes. Prohibits its use for capital or professional services to new small businesses. Requires a prize recipient to provide assistance to at least 10 new small businesses per year.