,,ii #aacth ,,congress #b;d ,session ,s4 #bhej ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #ag 7legislative day1 ,september #af71 #bjad ,mr4 ,booker introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to amend the ,small ,business ,act to create a program to provide funding for organizations that support startup businesses in formation and early growth stages by providing entrepreneurs with resources and services to produce viable businesses1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,startup ,opportunity ,accelerator ,act of #bjad or the ,,soar ,act4 #b4 ,funding for organizations that support startup businesses ,the ,small ,business ,act 7#ae ,u4,s4,c4 #fca et seq47 is amended-- 7#a7 by redesignating section #dg 7#ae ,u4,s4,c4 #fca note7 as section #dh2 and 7#b7 by inserting after section #df the following3 #dg4 ,funding for organizations that support startup businesses 7a7 ,definitions ,in this section-- 7#a7 the term eligible entity means an organization-- 7,a7 that is located in the ,united ,states2 and 7,b7 the primary purpose of which is to support new small business concerns2 7#b7 the term new small business concern means a small business concern that has been in operation for not more than #e years2 and 7#c7 the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 and any territory or possession of the ,united ,states4 7b7 ,funding 7#a7 ,in general ,not later than #a year after the date of enactment of this section1 the ,administrator shall develop and begin implementing a program to award cash prizes of not more than #ej1jjj to eligible entities to support new small business concerns4 7#b7 ,use of funds ,a prize under this section-- 7,a7 may be used for construction costs1 space acquisition1 and programmatic purposes2 and 7,b7 may not be used to provide capital or professional services to new small business concerns directly or through the subaward of funds4 7c7 ,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 #aj new small business concerns per year4 7d7 ,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-- 7#a7 office1 manufacturing1 or warehouse space1 including appropriate operations infrastructure2 7#b7 access to capital 7either directly from the eligible entity 7using amounts other than the amounts provided under the prize7 or through guidance and contacts for acquiring capital from outside investors72 7#c7 access to professional services 7either directly from the eligible entity 7using amounts other than the amounts provided under the prize7 or through guidance and contacts for acquiring professional services71 including accounting and legal services2 or 7#d7 a formal structured mentorship or developmental program that assists new small business concerns with building business skills and competencies4 7e7 ,considerations in choosing recipients ,in determining whether to award a prize under this section to an eligible entity1 the ,administrator shall take into account-- 7#a7 for eligible entities that have in operation a program to support new small business concerns1 the record of the eligible entity in assisting new small business concerns1 including1 for each of the #c full years before the date on which the eligible entity applies for a prize under this section-- 7,a7 the retention rate of new small business concerns in the program of the eligible entity2 7,b7 the average period of participation by new small business concerns in the program of the eligible entity2 7,c7 the total1 average1 and median capital raised by new small business concerns participating in the program of the eligible entity2 and 7,d7 the total1 average1 and median number of employees of new small business concerns participating in the program of the eligible entity2 7#b7 for all eligible entities-- 7,a7 the number of new small business concerns assisted or anticipated to be assisted by the eligible entity2 7,b7 the number of new small business concerns applying or anticipated to apply for assistance from the eligible entity2 7,c7 whether the program of the eligible entity provides or would provide assistance to individuals in gender1 racial1 or ethnic groups underrepresented by existing programs to assist new small business concerns2 and 7,d7 other metrics determined appropriate by the ,administrator2 7#c7 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 concerns1 if the area has sufficient population density1 as determined by the ,administrator2 7#d7 the level of experience of the entrepreneurial leadership of the eligible entity2 and 7#e7 the ability of the eligible entity to use and leverage local strengths1 including human resources1 infrastructure1 and educational institutions4 7f7 ,matching nonpublic funding requirement 7#a7 ,in general ,an eligible entity receiving a prize under this section shall obtain funds from a private individual or entity 7including a for profit or nonprofit entity7 that are-- 7,a7 for the same purposes as a prize may be made under this section2 7,b7 used to carry out the program of the eligible entity carried out using the prize under this section2 and 7,c7 in an amount that is not to be less than #ej percent of the amount of the prize under this section4 7#b7 ,form of non-,federal share ,not more than #be percent of the funds obtained under paragraph 7#a7 may be in the form of in-kind contributions4 7g7 ,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 may1 in the discretion of the ,administrator and in addition to any other civil or criminal consequences1 result in the ,administrator ordering the eligible entity to return the prize funds4 7h7 ,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 prize1 including-- 7#a7 the number of new small business concerns participating in the program during each of the previous #c years2 7#b7 the number of new small business concerns applying to participate in the program during each of the previous #c years2 7#c7 the retention rate of new small business concerns in the program2 7#d7 the average period of participation in the program by new small business concerns2 7#e7 the total1 average1 and median capital raised by new small business concerns participating in the program2 7#f7 the total1 average1 and median number of employees of new small business concerns participating in the program2 and 7#g7 other metrics determined appropriate by the ,administrator4 7i7 ,report to congress ,the ,administrator shall submit to ,congress an annual report on the program under this section1 which shall include an assessment of the effectiveness of the program1 including an assessment based on the metrics listed in subsection 7h74 7j7 ,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 ,administration1 such as small business development centers1 small business investment companies1 loans under section #g7;a71 and assistance under title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq474 7k7 ,listing on website ,the ,administrator shall include a list of eligible entities receiving a prize under this section on the website of the ,administration4 7l7 ,authorization of appropriation ,there are authorized to be appropriated to carry out this section #e1jjj1jjj for each of the first #e fiscal years beginning after the date of the enactment of this section4 4