,,ii #aaeth ,,congress #b;d ,session ,s4 #cjcd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #g1 #bjah ,mrs4 ,gillibrand introduced the following bill2 which was read twice and referred to the ,committee on ,agriculture1 ,nutrition1 and ,forestry ,a ,,bill ,to amend the ,consolidated ,farm and ,rural ,development ,act to reauthorize the rural business investment program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,rural ,jobs and ,investment ,act of #bjah4 #b4 ,rural innovation stronger economy grant program ,subtitle ,d of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aiha et seq47 is amended by adding at the end the following3 #cgi;,i4 ,rural innovation stronger economy grant program 7a7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means a rural jobs accelerator partnership established after the date of enactment of this section that-- 7,a7 organizes key community and regional stakeholders into a working group that-- 7i7 focuses on the shared goals and needs of the industry clusters that are objectively identified as existing1 emerging1 or declining2 7ii7 represents a region defined by the partnership in accordance with subparagraph 7,b72 7iii7 includes #a or more representatives of each of-- 7,i7 an institution of higher education 7as defined in section #aja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja772 7,,ii7 a private entity2 and 7,,iii7 a government entity2 7iv7 may include #a or more representatives of-- 7,i7 an economic development or other community or labor organization2 7,,ii7 a financial institution1 including a community development financial institution 7as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb772 7,,iii7 a philanthropic organization2 and 7,,iv7 a rural cooperative1 if the cooperative is organized as a nonprofit organization2 and 7v7 has1 as a lead applicant-- 7,i7 a ,district ,organization 7as defined in section #cjj4c of title #ac1 ,code of ,federal ,regulations 7or a successor regulation772 7,,ii7 an ,indian tribe 7as defined in section #d of the ,indian ,self-,determination and ,education ,assistance ,act 7#be ,u4,s4,c4 #ecjd771 or a consortium of ,indian tribes2 7,,iii7 a ,state or a political subdivision of a ,state1 including a special purpose unit of a ,state or local government engaged in economic development activities1 or a consortium of political subdivisions2 7,,iv7 an institution of higher education 7as defined in section #aja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja77 or a consortium of institutions of higher education2 or 7,v7 a public or private nonprofit organization2 and 7,b7 subject to approval by the ,secretary1 may-- 7i7 serve a region that is-- 7,i7 a single jurisdiction2 or 7,,ii7 if the region is a rural area1 multijurisdictional2 and 7ii7 define the region that the partnership represents1 if the region-- 7,i7 is large enough to contain critical elements of the industry cluster prioritized by the partnership2 7,,ii7 is small enough to enable close collaboration among members of the partnership2 7,,iii7 includes a majority of communities that are located in-- 7aa7 a nonmetropolitan area that qualifies as a low-income community 7as defined in section #de;,d7e7 of the ,internal ,revenue ,code of #aihf72 and 7bb7 an area that has access to or has a plan to achieve broadband service 7within the meaning of title ,,vi of the ,rural ,electrification ,act of #aicf 7#g ,u4,s4,c4 #iej;bb et seq4772 and 7,,iv7 7aa7 has a population of #ej1jjj or fewer inhabitants2 or 7bb7 for a region with a population of more than #ej1jjj inhabitants1 is the subject of a positive determination by the ,secretary with respect to a rural-in-character petition1 including such a petition submitted concurrently with the application of the partnership for a grant under this section4 7#b7 ,industry cluster ,the term industry cluster means a broadly defined network of interconnected firms and supporting institutions in related industries that accelerate innovation1 business formation1 and job creation by taking advantage of assets and strengths of a region in the business environment4 7#c7 ,high-wage job ,the term high-wage job means a job that provides a wage that is greater than the median wage for the applicable region1 as determined by the ,secretary4 7#d7 ,jobs accelerator ,the term jobs accelerator means a jobs accelerator center or program located in or serving a low-income rural community that may provide co-working space1 in-demand skills training1 entrepreneurship support1 and any other services described in subsection 7d77#a77;,b74 7#e7 ,small and disadvantaged business ,the term small and disadvantaged business has the meaning given the term small business concern owned and controlled by socially and economically disadvantaged individuals in section #h7;d77#c77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c774 7b7 ,establishment 7#a7 ,in general ,the ,secretary shall establish a grant program under which the ,secretary shall award grants1 on a competitive basis1 to eligible entities to establish jobs accelerators1 including related programming1 that-- 7,a7 improve the ability of distressed rural communities to create high-wage jobs1 accelerate the formation of new businesses with high-growth potential1 and strengthen regional economies1 including by helping to build capacity in the applicable region to achieve those goals2 and 7,b7 help rural communities identify and maximize local assets and connect to regional opportunities1 networks1 and industry clusters that demonstrate high growth potential4 7#b7 ,cost-sharing 7,a7 ,in general ,the ,federal share of the cost of any activity carried out using a grant made under paragraph 7#a7 shall be not greater than #hj percent4 7,b7 ,in-kind contributions ,the non-,federal share of the total cost of any activity carried out using a grant made under paragraph 7#a7 may be in the form of donations or in-kind contributions of goods or services fairly valued4 7#c7 ,selection criteria ,in selecting eligible entities to receive grants under paragraph 7#a71 the ,secretary shall consider-- 7,a7 the commitment of participating core stakeholders in the jobs accelerator partnership1 including a demonstration that-- 7i7 investment organizations1 including venture development organizations1 venture capital firms1 revolving loan funders1 angel investment groups1 community lenders1 community development financial institutions1 rural business investment companies1 small business investment companies 7as defined in section #ajc of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb771 philanthropic organizations1 and other institutions focused on expanding access to capital1 are committed partners in the jobs accelerator partnership and willing to potentially invest in projects emerging from the jobs accelerator2 7ii7 institutions of higher education1 applied research institutions1 workforce development entities1 and community-based organizations are willing to partner with the jobs accelerator to provide workers with skills in computer science and other technology programs relevant to the industry cluster needs of the region1 with an emphasis on the use of on-the-job training1 registered apprenticeships1 customized training1 classroom occupational training1 or incumbent worker training2 and 7iii7 employers are willing to hire workers to work remotely from the jobs accelerator in high-wage jobs2 7,b7 the ability of the eligible entity to provide the non-,federal share as required under paragraph 7#b72 7,c7 the speed of available broadband service and how the jobs accelerator plans to improve access to high-speed broadband service1 if necessary1 and leverage that broadband service for programs of the jobs accelerator2 7,d7 the identification of a targeted industry cluster1 including a description of-- 7i7 data showing the existence of emergence of an industry cluster2 7ii7 the importance of the industry cluster to economic growth in the region2 7iii7 the specific needs and opportunities for growth in the industry cluster2 7iv7 the unique assets a region has to support the industry cluster and to have a competitive advantage in that industry cluster2 7v7 evidence of a concentration of firms or concentration of employees in the industry cluster2 and 7vi7 available industry-specific infrastructure that supports the industry cluster2 7,e7 the ability of the partnership to link rural communities to markets1 networks1 industry clusters1 and other regional opportunities and assets-- 7i7 to improve the competitiveness of the rural region2 7ii7 to repatriate ,united ,states jobs2 7iii7 to foster high-wage job creation2 7iv7 to support innovation and entrepreneurship2 and 7v7 to promote private investment in the rural regional economy2 7,f7 other grants or loans of the ,secretary and other ,federal agencies that the jobs accelerator would be able to leverage2 and 7,g7 prospects for the proposed center and related programming to have sustainability beyond the full maximum length of assistance under this subsection1 including the maximum number of renewals4 7#d7 ,grant term and renewals 7,a7 ,term ,the initial term of a grant under paragraph 7#a7 shall be #d years4 7,b7 ,renewal ,the ,secretary may renew a grant under paragraph 7#a7 for an additional period of not longer than #b years if the ,secretary is satisfied1 using the evaluation under subsection 7e77#b71 that the grant recipient has successfully established a jobs accelerator and related programming4 7#e7 ,geographic distribution ,to the maximum extent practicable1 the ,secretary shall provide grants under paragraph 7#a7 for jobs accelerators and related programming in not fewer than #be ,states at any time4 7c7 ,grant amount ,a grant awarded under subsection 7b7 may be in an amount equal to-- 7#a7 not less than #ejj1jjj2 and 7#b7 not more than #b1jjj1jjj4 7d7 ,use of funds 7#a7 ,in general ,subject to paragraph 7#b71 funds from a grant awarded under subsection 7b7 may only be used-- 7,a7 to construct1 purchase1 or equip a building to serve as an innovation center1 which may include-- 7i7 housing for business owners or workers2 7ii7 co-working space1 which may include space for remote work2 7iii7 space for businesses to utilize with a focus on entrepreneurs and small and disadvantaged businesses but that may include collaboration with companies of all sizes2 7iv7 job training programs2 and 7v7 efforts to utilize the innovation center as part of the development of a community downtown2 and 7,b7 to support programs to be carried out at1 or in direct partnership with1 the jobs accelerator that support the objectives of the jobs accelerator1 including-- 7i7 linking rural communities to markets1 networks1 industry clusters1 and other regional opportunities to support high-wage job creation1 new business formation1 and economic growth2 7ii7 integrating small businesses into a supply chain2 7iii7 creating or expanding commercialization activities for new business formation2 7iv7 identifying and building assets in rural communities that are crucial to supporting regional economies2 7v7 facilitating the repatriation of high-wage jobs to the ,united ,states2 7vi7 supporting the deployment of innovative processes1 technologies1 and products2 7vii7 enhancing the capacity of small businesses in regional industry clusters1 including small and disadvantaged businesses2 7viii7 increasing ,united ,states exports and business interaction with international buyers and suppliers2 7ix7 developing the skills and expertise of local workforces1 entrepreneurs1 and institutional partners to support growing industry clusters1 including the upskilling of incumbent workers2 7x7 ensuring rural communities have the capacity and ability to carry out projects relating to housing1 community facilities1 infrastructure1 or community and economic development to support regional industry cluster growth2 7xi7 establishing training programs to meet the needs of employers in a regional industry cluster and prepare workers for high-wage jobs2 and 7xii7 any other activities that the ,secretary may determine to be appropriate4 7#b7 ,requirement 7,a7 ,in general ,subject to subparagraph 7,b71 not more than #aj percent of a grant awarded under subsection 7b7 shall be used for direct costs associated with administering the grant4 7,b7 ,increase ,the ,secretary may increase the percentage described in subparagraph 7,a7 on a case-by-case basis4 7e7 ,annual activity report and evaluation ,not later than #a year after receiving a grant under this section1 and annually thereafter for the duration of the grant1 an eligible entity shall-- 7#a7 report to the ,secretary on the activities funded with the grant2 and 7#b7 7,a7 evaluate the progress that the eligible entity has made toward the strategic objectives identified in the application for the grant2 and 7,b7 measure that progress using performance measures during the project period1 including-- 7i7 high-wage jobs created2 7ii7 high-wage jobs retained2 7iii7 private investment leveraged2 7iv7 businesses improved2 7v7 new business formations2 7vi7 new products or services commercialized2 7vii7 improvement of the value of existing products or services under development2 7viii7 regional collaboration1 as measured by such metrics as-- 7,i7 the number of organizations actively engaged in the industry cluster2 7,,ii7 the number of symposia held by the industry cluster1 including organizations that are not located in the immediate region defined by the partnership2 and 7,,iii7 the number of further cooperative agreements2 7ix7 the number of education and training activities relating to innovation2 7x7 the number of jobs relocated from outside of the ,united ,states to the region2 7xi7 the amount and number of new equity investments in industry cluster firms2 7xii7 the amount and number of new loans to industry cluster firms2 7xiii7 the dollar increase in exports resulting from the project activities2 7xiv7 the percentage of employees for which training was provided2 7xv7 improvement in sales of participating businesses2 7xvi7 improvement in wages paid at participating businesses2 and 7xvii7 improvement in income of participating workers4 7f7 ,interagency task force 7#a7 ,in general ,the ,secretary shall establish an interagency ,federal task force to support the network of jobs accelerators by-- 7,a7 providing successful applicants with available information and technical assistance on ,federal resources relevant to the project and region2 7,b7 establishing a ,federal support team comprised of staff from participating agencies in the task force that shall provide coordinated and dedicated support services to jobs accelerators2 and 7,c7 providing opportunities for the network of jobs accelerators to share best practices and further collaborate to achieve the purposes of this section4 7#b7 ,membership ,the task force established under paragraph 7#a7 shall-- 7,a7 be co-chaired by-- 7i7 the ,secretary of ,commerce 7or a designee72 and 7ii7 the ,secretary 7or a designee72 and 7,b7 include-- 7i7 the ,secretary of ,education 7or a designee72 7ii7 the ,secretary of ,energy 7or a designee72 7iii7 the ,secretary of ,health and ,human ,services 7or a designee72 7iv7 the ,secretary of ,housing and ,urban ,development 7or a designee72 7v7 the ,secretary of ,labor 7or a designee72 7vi7 the ,secretary of ,transportation 7or a designee72 7vii7 the ,secretary of the ,treasury 7or a designee72 7viii7 the ,administrator of the ,environmental ,protection ,agency 7or a designee72 7ix7 the ,administrator of the ,small ,business ,administration 7or a designee72 7x7 the ,federal ,co-,chair of the ,appalachian ,regional ,commission 7or a designee72 7xi7 the ,federal ,co-,chairman of the ,board of the ,delta ,regional ,authority 7or a designee72 7xii7 the ,federal ,co-,chair of the ,northern ,border ,regional ,commission 7or a designee72 7xiii7 national and local organizations that have relevant programs and interests that could serve the needs of the jobs accelerators2 7xiv7 representatives of ,state and local governments or ,state and local economic development agencies2 and 7xv7 such other heads of ,federal agencies and non-,federal partners as determined appropriate by the co-chairs of the task force4 7g7 ,authorization of appropriations ,there are authorized to be appropriated such sums as are necessary to carry out this section4 4 #c4 ,rural business investment program 7a7 ,limitation on ,rural ,business ,investment ,companies ,controlled by ,farm ,credit ,system ,institutions ,section #chd;,j7c7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #bjji;cc-#i7;c77 is amended by striking #be and inserting #ej4 7b7 ,reauthorization ,section #chd,s of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #bjji;cc-#ah7 is amended by striking #bjah and inserting #bjbc4 7c7 ,coordination with small business investment company program ,subtitle ,h of the ,consolidated ,farm and ,rural ,development ,act is amended by inserting after section #chd,p 7#g ,u4,s4,c4 #bjji;cc-#ae7 the following3 #chd,q4 ,coordination with small business investment company program 7a7 ,in general ,a rural business investment company shall be eligible to apply for a license under section #cja7;c7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha7;c77 to operate as a small business investment company under title ,,iii of that ,act 7#ae ,u4,s4,c4 #fha et seq474 7b7 ,expedited consideration ,to the maximum extent practicable1 the ,administrator of the ,small ,business ,administration shall expedite the consideration of an application of a rural business investment company submitted in accordance with subsection 7a74 7c7 ,deferral of interest payments ,for the first debenture purchased or guaranteed by the ,small ,business ,administration under section #cjc of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fhc7 that is issued with respect to a rural business investment company that is licensed in accordance with subsection 7a7-- 7#a7 interest shall accrue in the same manner as other debentures purchased or guaranteed under that section2 and 7#b7 during the first #e years of the term of the debenture1 the rural business investment company shall not be required to make payments with respect to the interest that accrues on the debenture4 7d7 ,memorandum of understanding ,the ,secretary may enter into a memorandum of understanding with the ,administrator of the ,small ,business ,administration-- 7#a7 to carry out this section2 and 7#b7 to carry out outreach activities to promote application under subsection 7a7 to-- 7,a7 rural business investment companies2 and 7,b7 rural communities4 4 #d4 ,business and innovation services essential community facilities ,section #cjf7;a7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aibf7;a77 is amended by adding at the end the following3 7#bg7 ,business and innovation services essential community facilities ,the ,secretary may make loans and loan guarantees under this subsection and grants under paragraphs 7#ai71 7#bj71 and 7#ba7 for essential community facilities for business and innovation services1 such as incubators1 co-working spaces1 makerspaces1 and residential entrepreneur and innovation centers4 4