,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #difd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #c1 #bjbj,mr4 
,coons 7= himself & ,mr4 ,scott ( ,s\?  
,c>ol9a7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,small ,bus9ess & ,entrepr5eur%ip  ,a   
,,bill  ,to e/abli% a ,next ,g5]ation   
,entrepr5eur%ip ,corps program )9 !     
,small ,bus9ess ,adm9i/ration1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,next ,g5]ation            
,entrepr5eur%ip ,corps ,act4  #b4 ,s5se 
( ,congress ,x is ! s5se ( ,congress t--
 7#a7 ! ,unit$ ,/ates has a successful  
fell[%ip = build+ ! next g5]ation (     
public s]vants2 &  7#b7 ) ! deva/ation  
fac+ small bus9esses 9 ! ,unit$ ,/ates z
 a result ( ! novel #bjai ,coronavirus  
7,,covid-#ai71 rebuild+ ,ma9 ,/reet w   
require a new g5]ation ( entrepr5eurial 
tal5t ) ! back+ ( ! ,f$]al ,gov]nm5t4   
#c4 ,next g5]ation entrepr5eur%ip corps 
program ,! ,small ,bus9ess ,act 7#ae    
,u4,s4,c4 #fca et seq47 is am5d$-- 7#a7 

by r$esignat+ section #di 7#ae ,u4,s4,c4
 #fca note7 z section #ej2 &  7#b7 by   
ins]t+ aft] section #dh 7#ae ,u4,s4,c4  
#fegu7 ! foll[+3  #di4 ,next g5]ation   
entrepr5eur%ip corps program  7a7       
,def9itions ,9 ?is section-- 7#a7 ! t]m 
,committee means ! selection committee  
e/abli%$ "u subsection 7k72  7#b7 ! t]m 
community developm5t f9ancial in/itution
 has ! mean+ giv5 ! t]m 9 section #ajc (
 ! ,riegle ,community ,developm5t &     
,regulatory ,improvem5t ,act ( #aiid    
7#ab ,u4,s4,c4 #dgjb772  7#c7 ! t]m     
di/ress$ region means any c5sus tract or
 o!r area t is treat$ z a l[-income     
community = purposes ( section #de;,d ( 
! ,int]nal ,rev5ue ,code ( #aihf2  7#d7 
! t]m equity inve/m5t-- 7,a7 means an   
inve/m5t = an own]%ip int]e/ 9 an       
entity1 ! f9ancial return ) respect to  
:i* is pr9cipally align$ ) ! f9ancial   
return ( ! plurality ( own]%ip int]e/s 9
 ! entity2 &  7,b7 includes a debt      
in/rum5t t c be conv]t$ to an equity    
own]%ip int]e/ 9 an entity bas$ on      

future ev5ts2  7#e7 ! t]m m9ority       
depository in/itution has ! mean+ giv5 !
 t]m 9 section #cjh ( ! ,f9ancial       
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4   
#adfc note72  7#f7 ! t]m ,program means 
! ,next ,g5]ation ,entrepr5eur%ip ,corps
 ,program e/abli%$ "u subsection 7b72   
7#g7 ! t]m qualifi$ inve/or means a     
p]son t-- 7,a7 inve/s equity 9 a small  
bus9ess conc]n own$ & op]at$ by a fell[ 
"u ! ,program2 &  7,b7 has n m ?an      
#bej1jjj1jjj 9 assets2  7#h7 ! t]m      
,,score means ! ,s]vice ,corps ( ,retir$
 ,executives e/abli%$ "u section        
#h7;b77#a77;,b72  7#i7 ! t]m ,/ate means
 any ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict
 ( ,columbia1 & any t]ritory ( ! ,unit$ 
,/ates2  7#aj7 ! t]m vet]an bus9ess     
outrea* c5t] means a vet]an bus9ess     
outrea* c5t] describ$ 9 section #cb2 &  
7#aa7 ! t]m wom5's bus9ess c5t] means a 
wom5's bus9ess c5t] op]at+ pursuant to  
section #bi4  7b7 ,e/abli%m5t  7#a7 ,9  
g5]al ,!re is e/abli%$ )9 !             

,adm9i/ration an indep5d5t fell[%ip     
pilot program to be kn[n z ! ,next      
,g5]ation ,entrepr5eur%ip ,corps        
,program to fo/] entrepr5eur%ip 9 ! mo/ 
di/ress$ regions ( ! ,unit$ ,/ates1     
includ+ di/ress$ regions affect$ by !   
,,covid-#ai p&emic4  7#b7 ,adm9i/ration 
,! ,program %all be adm9i/]$ by ! ,(fice
 ( ,entrepr5eurial ,developm5t ( !      
,adm9i/ration4  7#c7 ,au?orization  7,a7
 ,9 g5]al ,"u ! ,program1 !re %all be #a
 gr\p ( fell[s select$ ea* ye> = #e ye>s
 ( ! ,program1 ) ea* gr\p s]v+ = a      
#b-ye> p]iod4  7,b7 ,reports ,n lat] ?an
 #a ye> aft] ! second gr\p ( fell[s is  
select$ "u ! ,program1 & e #b ye>s      
!reaft]1 ! ,committee %all submit to    
,congress an evaluation ( ! ,program1   
along ) any recomm5dations & options to 
exp& ! ,program & make ! ,program       
p]man5t4  7#d7 ,?ird-p>ty contracts     
7,a7 ,9 g5]al ,! ,(fice (               
,entrepr5eurial ,developm5t ( !         
,adm9i/ration may contract ) ?ird-p>ty  
nonpr(it organizations t-- 7i7 d or plan

 to d s]vice "w to execute ! ,program2 &
  7ii7 ! ,committee det]m9es h relevant 
exp]i5ce to c>ry out ! ,program4  7,b7  
,report ,n lat] ?an #ij days aft] ! date
 ( enactm5t ( ?is ,act1 ! ,adm9i/rator  
%all submit to ,congress a report on--  
7i7 ! requirem5ts & plans relat+ to     
?ird-p>ty contractors describ$ 9        
subp>agraph 7,a72 &  7ii7 h[ ^?         
?ird-p>ty contractors w beg9 to c>ry out
 ! ,program4  7c7 ,/ip5ds  7#a7 ,9 g5]al
 ,ea* fiscal ye>1 ! ,committee may      
select n m ?an #cbj fell[s to p>ticipate
 9 ! ,program & receive a #b-ye> /ip5d (
 #abj1jjj to />t & gr[ a new small      
bus9ess conc]n4  7#b7 ,au?ority to      
reject ,! ,assi/ant ,adm9i/rator ( !    
,(fice ( ,entrepr5eurial ,developm5t ( !
 ,adm9i/ration %all h ! au?ority to     
reject any fell[ select$ by ! ,committee
 to p>ticipate 9 ! ,program4  7#c7      
,all[able uses ,! ,committee %all       
det]m9e ! all[able uses ( a /ip5d aw>d$ 
"u ?is subsection4  7#d7 ,/ip5d am\nt ,!
 am\nt ( a /ip5d made "u ?is subsection 

%all be adju/$ e #c ye>s to reflect     
increases 9 ! ,consum] ,price ,index =  
,all ,urban ,consum]s dur+ t p]iod4     
7#e7 ,applications ,ea* applicant = a   
/ip5d made "u ?is subsection %all-- 7,a7
 propose a small bus9ess conc]n idea t w
 be locat$ 9 a di/ress$ region2 &  7,b7 
submit to ! ,committee a small bus9ess  
conc]n plan t demon/rates-- 7i7 t !     
applicant w h prim>y decision-mak+      
au?ority 9 ! small bus9ess conc]n2  7ii7
 a ne$ = ! small bus9ess conc]n ( !     
applicant 9 ! community or h[ ! small   
bus9ess conc]n solves an economic or    
social problem 9 ! area to be s]v$ by ! 
small bus9ess conc]n or ! ,unit$ ,/ates2
  7iii7 h[ ! applicant plans to build _!
 small bus9ess conc]n to employ local   
tal5t 9 entry-level & mid-level         
positions to ensure quality job gr[?2   
7iv7 a vision = long-t]m gr[? 9 ! area  
to be s]v$ by ! small bus9ess conc]n2 & 
7v7 t ! applicant does n1 at ! "t (     
application1 h ! res\rces to />t & gr[ a
 small bus9ess conc]n on _! own )\t     

assi/ance4  7#f7 ,pref]5ce  7,a7 ,9     
g5]al ,! ,committee %all give pref]5ce  
to applicants = a /ip5d "u ?is          
subsection t are-- 7i7 individuals mov+ 
to a di/ress$ region to enc\rage new    
small bus9ess conc]n own]s 9 ^? areas   
po/-,,covid-#ai2  7ii7 individuals :o c 
demon/rate a connection to ! ,/ate or   
locality 9 :i* ! propos$ small bus9ess  
conc]n w be locat$ & are will+ to       
relocate )9 #ae miles ( ! di/ress$      
region2  7iii7 own]s ( small bus9ess    
conc]ns ^: bus9esses 7 clos$ or :o _h to
 significant *ange _! bus9ess model or  
s]vices due to ! ,,covid-#ai public     
heal? crisis2  7iv7 entrepr5eurs )9     
populations und]repres5t$ among small   
bus9ess conc]n own]s 9 ! ,unit$ ,/ates1 
includ+ wom5 & racial & e?nic m9ority   
gr\ps2  7v7 vet]ans2  7vi7 individuals  
:o c demon/rate resid5ce ( n less ?an #b
 ye>s 9 a l[-income c5sus tract2  7vii7 
individuals :o h tak5 non-traditional   
pa?ways = pr(essional developm5t1       
includ+ individuals )\t a ba*elor's     

degree or :o receiv$ ,f$]al ,pell       
,grants "u section #dja ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgj;a71 :o %all n be requir$ to       
e/abli% a small bus9ess conc]n 9 a      
di/ress$ region2 or  7viii7 individuals 
) bus9ess plans t h pot5tial1 if        
successful1 to be eligible = any        
contract+ assi/ance program ( !         
,adm9i/ration1 includ+ ! bus9ess        
developm5t program "u section #h7;a71 ! 
,wom5 ,own$ ,small ,bus9ess ,f$]al      
contract+ program "u section #h7m71 !   
s]vice-disabl$ vet]an-own$ small bus9ess
 program "u section #cf1 & ! ,h,u,b,zone
 program "u section #ca4  7,b7          
,consid]ations ,:5 evaluat+ applicants =
 a /ip5d "u ?is subsection1 !           
,committee-- 7i7 %all diff]5tiate betwe5
 applicants = a /ip5d "u ?is subsection 
t aim to be a high-gr[? />tup & a       
traditional small bus9ess conc]n2  7ii7 
%all consid] simil> categories (        
applicants concurr5tly2  7iii7 %\ld seek
 to enc\rage bo? high-gr[? & traditional

 />tups across all geographic areas2 &  
7iv7 %all-- 7,i7 n prioritize applicants
 ) prior exp]i5ce ) />t+ & gr[+ a small 
bus9ess conc]n ov] applications )\t t   
exp]i5ce2 &  7,,ii7 give equal          
consid]ation to applicants ) & )\t !    
exp]i5ce describ$ 9 subclause 7,i74     
7,c7 ,additional metrics ,! ,committee  
%all e/abli% additional metrics by :i*  
to evaluate applicants = a /ip5d "u ?is 
subsection1 includ+ by creat+ local &   
,/ate level applicant competitions4     
7#g7 ,new entrepr5eurs ,! ,committee may
 aw>d /ip5ds "u ?is subsection to       
applicants bo? at ! beg9n+ /ages (      
build+ _! small bus9ess conc]n z well z 
to applicants :o h _h limit$ prior      
bus9ess exp]i5ce4  7#h7 ,numb] ( fell[s 
p] ,,score *apt]  7,a7 ,9 g5]al ,ea*    
ye>1 ! ,committee %all1 to ! maximum    
ext5t practicable1 designate #a fell[ p]
 ,,score *apt] 9 ! ,unit$ ,/ates1       
provid$ t ! selection process "u ?is    
subsection rema9s competitive4  7,b7    
,di/ribution ,! ,committee %all ensure a

 fair geographic di/ribution ( fell[s   
select$ "u ?is subsection1 includ+      
betwe5 urban & rural areas1 & may create
 a process = ensur+ t di/ribution if !  
,committee det]m9es necess>y4  7d7      
,b5efits  7#a7 ,/ud5t loan def]m5t ,=   
ea* fell[ "u ! ,program :o notifies !   
,committee t ! fell[ has a loan made1   
insur$1 or gu>ante$ "u "p ,b1 ,d1 or ,e 
( title ,,iv ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajga et seq42   
#ajhg;a et seq42 #ajhg;aa et seq47 t is 
9 repaym5t-- 7,a7 ! ,committee %all--   
7i7 in=m ! ,secret>y ( ,education t !   
fell[ is p>ticipat+ 9 a fell[%ip ?r\gh !
 ,program2 &  7ii7 provide any          
additional in=mation reque/$ by !       
,secret>y ( ,education reg>d+ ! fell[ & 
! loan2 &  7,b7 ! ,secret>y ( ,education
 %all1 = ! p]iod ( ! fell[%ip-- 7i7 9 ! 
case ( a loan made "u "p ,b or ,e (     
title ,,iv ( ! ,high] ,education ,act ( 
#aife 7#bj ,u4,s4,c4 #ajga et seq42     
#ajhg;aa et seq471 require t ! hold] ( !
 loan place ! loan 9 def]m5t1 9 :i*     

int]e/ %all accrue & be paid by !       
,secret>y1 9 ! same mann] z a def]m5t   
made "u section #dbh7;b77#a77,m7 ( !    
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgh7;b77#a77,m772 &  7ii7 9 
! case ( a loan made "u "p ,d ( su* ,act
 7#bj ,u4,s4,c4 #ajhg;a et seq471 place 
! loan 9 def]m5t1 dur+ :i* int]e/ %all n
 accrue1 9 ! same mann] z a def]m5t made
 "u section #dee7;f77#a7 ( su* ,act 7#bj
 ,u4,s4,c4 #ajhg;e7f77#a77 = a ,f$]al   
,direct ,/af=d ,loan "u su* "p4  7#b7   
,heal? c>e ,) respect to any fell[ "u ! 
,program t is n o!rwise cov]$ "u a heal?
 c>e policy1 ! ,adm9i/rator %all provide
 or make available a basic heal? c>e    
policy 9 accordance ) section #adj7;d7 (
 ! ,national & ,community ,s]vice ,act (
 #aiij 7#db ,u4,s4,c4 #abeid7;d77 = !   
#b-ye> p]iod dur+ :i* ! fell[ s]ves "u !
 ,program4  7e7 ,m5tor support  7#a7 ,9 
g5]al ,ea* fell[ "u ! ,program-- 7,a7   
%all be assign$ by ! designat$ ,,score  
*apt] ( ! fell[ a local m5tor1 & !      
designat$ ,,score *apt] may "w 9        

p>tn]%ip ) a small bus9ess developm5t   
c5t]1 a vet]an bus9ess outrea* c5t]1 a  
wom5's bus9ess c5t]1 or o!r local       
res\rces to pair ! fell[ ) a m5tor &    
provide m5tor%ip2  7,b7 foll[+          
completion ( ! ,program is enc\rag$ to  
jo9 ,,score1 a small bus9ess developm5t 
c5t]1 a vet]an bus9ess outrea* c5t]1 or 
a wom5's bus9ess c5t] to contribute back
 to ! ,program & facilitate p>tn]%ips ) 
local res\rce p>tn]s ( ! ,adm9i/ration2 
&  7,c7 %all be assign$ by ! ,committee 
a m5tor f ! ,next ,g5]ation             
,entrepr5eur%ip ,corps ,bo>d1 :i* %all  
be creat$ by ! ,committee & consi/ (    
notable *ief executive (fic]s (         
companies & v5ture capitali/s f across !
 ,unit$ ,/ates to help advise fell[s4   
7#b7 ,p>tn]%ip ,! ,committee %all       
develop a p>tn]%ip ) ! m5tor-protege    
program = small bus9ess conc]ns eligible
 to receive contracts pursuant to       
section #h7;a7 to assign m5tors dur+ !  
second ye> ( ! fell[%ip to fell[s "u !  
,program t h propos$ a small bus9ess    

conc]n t may be eligible to receive     
contracts pursuant to section #h7;a74   
7#c7 ,res\rces ,9 provid+ m5tor%ip "u   
p>agraph 7#a71 ea* res\rce p>tn]        
describ$ 9 t p>agraph %all engage !     
res\rces ( ! ,adm9i/ration 9 ea* ,/ate1 
includ+ ?r\gh p>tn]%ips ) community     
organizations4  7f7 ,imm]sive initial   
tra9+  7#a7 ,9 g5]al ,ea* fell[ "u !    
,program %all att5d an imm]sive tra9+   
c\rse design$ by ! ,committee at !      
beg9n+ ( ! fell[%ip1 :i* %all-- 7,a7    
provide di/9ct education mat]ials1      
includ+ res\rces & in=mation1 = all     
fell[s on high-gr[? />tups & di/9ct     
education mat]ials = all fell[s on      
traditional small bus9ess conc]ns2  7,b7
 incorporate skills build+1 transf] (   
bus9ess "k-h[ :5 beg9n+ a small bus9ess 
conc]n1 & a discussion ( res\rces ( !   
,adm9i/ration2 &  7,c7 include in=mation
 on local res\rces available f ,,score1 
small bus9ess developm5t c5t]s1 vet]an  
bus9ess outrea* c5t]s1 & wom5's bus9ess 
c5t]s4  7#b7 ,selection ( ho/s ,ea* ye>1

 ! ,committee %all select n m ?an #a    
small bus9ess res\rce p>tn] to ho/ !    
imm]sive tra9+ c\rse describ$ 9 p>agraph
 7#a74  7g7 ,network build+ ,to fo/]    
connections across ! ,unit$ ,/ates ) o!r
 innovators1 ea* fell[ "u ! ,program--  
7#a7 %all att5d n less ?an #a small     
bus9ess conc]n-relat$ conf]5ce p] ye> ( 
! fell[%ip2 &  7#b7 is enc\rag$ to att5d
 regional small bus9ess conc]n-relat$   
conf]5ces4  7h7 ,access to capital      
/rategy  7#a7 ,e/abli%m5t  7,a7 ,9 g5]al
 ,! ,committee %all e/abli% a /rategy = 
access to capital1 insurance1 & o!r core
 small bus9ess conc]n s]vices &         
products1 = use bo? dur+ & aft] !       
,program1 = fell[s "u ! ,program t      
provides = ! ne$s ( bo? traditional     
small bus9ess conc]ns & high-gr[?       
/>tups4  7,b7 ,requirem5ts ,"u ! /rategy
 e/abli%$ "u subp>agraph 7,a71 !        
,committee %all-- 7i7 provide to ea*    
fell[ "u ! ,program in=mation reg>d+ !  
program "u section #h7;a7 & assi/ance 9 
submitt+ ! in=mation requir$ = ! small  

bus9ess conc]n ( ! fell[ to be c]tifi$  
to p>ticipate 9 ! program2 &  7ii7 at ! 
end ( ea* fell[%ip1 provide foll[-up    
assi/ance to facilitate ! c]tification (
 ! small bus9ess conc]n ( ! fell[ to    
p>ticipate 9 ! program "u section       
#h7;a74  7#b7 ,mat*+ ,"u ! /rategy      
e/abli%$ "u p>agraph 7#a71 ! ,committee 
%all mat* fell[s "u ! ,program ) a full 
range ( l5d]s1 inve/ors1 & insur]s1     
includ+ bo? local & national res\rces4  
7#c7 ,pref]5ce ,! ,adm9i/rator may give 
pref]5ce to fell[s "u ! ,program )      
respect to loans "u section #g7;a71     
microloans "u section #g7m71 & assi/ance
 provid$ "u title ,v ( ! ,small ,bus9ess
 ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4  
#fie et seq47 to facilitate quick &     
af=dable access to cr$it dur+ ! p]iod ( 
! fell[%ip & dur+ ! #e-ye> p]iod aft] ! 
end ( ! fell[%ip1 includ+ by-- 7,a7     
waiv+ ! cr$it else:]e requirem5t2 &     
7,b7 exp$it+ ! application timel9e = t  
assi/ance4  7#d7 ,waiv] ( p]sonal       
gu>antee ,) respect to high-gr[? />tup  

small bus9ess conc]ns e/abli%$ by fell[s
 "u ! ,program1 ! ,adm9i/rator %all     
waive ! p]sonal gu>antee requirem5t = ^?
 small bus9ess conc]ns t apply = loans  
"u section #g7;a71 microloans "u section
 #g7m71 or assi/ance provid$ "u title ,v
 ( ! ,small ,bus9ess ,inve/m5t ,act (   
#aieh 7#ae ,u4,s4,c4 #fie et seq474     
7#e7 ,assi/ance ) access to ! #h7;a7    
program ,= purposes ( p>ticipation 9 !  
program "u section #h7;a7-- 7,a7 a small
 bus9ess conc]n ( a fell[ "u ! ,program 
%all be eligible to seek c]tification to
 p>ticipate 9 ! program "u section      
#h7;a7 if ! small bus9ess conc]n has be5
 9 bus9ess 9 ! prim>y indu/ry           
classification ( ! small bus9ess conc]n 
= at lea/ #ah mon?s2 &  7,b7 !          
,adm9i/rator-- 7i7 %all evaluate :e!r to
 e/abli% an exp$it$ process =           
c]tification ( a small bus9ess conc]n ( 
a fell[ "u ! ,program to p>ticipate 9 ! 
program "u section #h7;a72 &  7ii7 may  
implem5t a process describ$ 9 clause 7i7
 = fell[s dur+ ! p]iod ( ! fell[%ip &   

dur+ ! #e-ye> p]iod aft] ! end ( !      
fell[%ip4  7i7 ,program fund = capital  
7#a7 ,9 g5]al ,!re is e/abli%$ 9 !      
,treasury a fund1 :i* %all be available 
to ! ,adm9i/rator to provide loans to   
qualifi$ inve/ors4  7#b7 ,am\nt ( loans 
7,a7 ,9 g5]al ,a loan to a qualifi$     
inve/or "u ?is subsection %all be n m   
?an #ff4f p]c5t ( ! am\nt ( equity !    
qualifi$ inve/or inve/$ 9 ! applicable  
small bus9ess conc]n own$ & op]at$ by a 
fell[ "u ! ,program4  7,b7 ,e/abli%m5t (
 loan limits ,! ,adm9i/rator may e/abli%
 additional limits on ! maximum am\nt ( 
loans to qualifi$ inve/ors "u ?is       
subsection if ! ,adm9i/rator det]m9es ! 
limits are necess>y to ensure t !       
,adm9i/rator may make su* loans dur+ !  
full p]iod ( ! ,program1 us+ ! am\nts   
made available = su* loans4  7#c7 ,loan 
t]m ,a loan "u ?is subsection %all h a  
maturity ( n long] ?an #cj ye>s4  7#d7  
,rate ( int]e/ ,! rate ( int]e/ on a    
loan "u ?is subsection %all be equal to 
! disc\nt w9d[ prim>y cr$it int]e/ rate 

mo/ rec5tly publi%$ on ! ,f$]al ,res]ve 
,/ati/ical ,release on select$ int]e/   
rates 7daily or weekly71 commonly ref]r$
 to z ! ,h4#ae release or ! ,f$]al funds
 rate4  7#e7 ,fund+  7,a7               
,appropriations ,out ( funds 9 !        
,treasury n o!rwise appropriat$1 !re is 
appropriat$ to ! fund e/abli%$ "u       
p>agraph 7#a7 #cj1jjj1jjj1 to rema9     
available until exp5d$4  7,b7 ,re9ve/m5t
 ( repaym5ts ,any am\nts receiv$ f !    
repaym5t ( a loan "u ?is subsection %all
 be deposit$ 9 ! fund e/abli%$ "u       
p>agraph 7#a7 & %all rema9 available    
until exp5d$4  7j7 ,report+ by fell[s   
,ea* fell[ "u ! ,program %all1 on an    
annual basis1 submit to ! ,committee &  
ea* m5tor assign$ to ! fell[ "u         
subsection 7e7 a progress report on !   
activities ( ! fell[4  7k7 ,selection   
committee  7#a7 ,9 g5]al ,!             
,adm9i/ration %all e/abli% a selection  
committee compos$ ( exp]ts f            
educational1 sci5tific1 te*nical1 &     
public s]vice backgr\nds to-- 7,a7 build

 ! next g5]ation ( entrepr5eurs "u !    
,program ?r\gh a transp>5t1 competitive1
 fair1 & rigor\s process2  7,b7 enable  
entrepr5eurs ea* ye> "u ! ,program to   
successfully build small bus9ess conc]ns
 9 di/ress$ regions by provid+ guidance1
 exp]tise1 & p>tn]%ips betwe5 ! fell[s &
 bus9ess supports2  7,c7 increase !     
div]sity ( entrepr5eur%ip 9 ! ,unit$    
,/ates2  7,d7 increase entrepr5eur%ip 9 
di/ress$ regions2  7,e7 increase tal5t  
ret5tion & migration to di/ress$        
regions2  7,f7 increase inve/m5t & gr[? 
9 communities 9 di/ress$ regions2 &     
7,g7 ensure ! transp>5t1 effici5t1 &    
effective use ( taxpay] funds4  7#b7    
,memb]%ip  7,a7 ,composition ,!         
,committee %all be compos$ ( #ab memb]s 
appo9t$ by ! ,adm9i/rator1 ( :om-- 7i7  
#a memb] %all be a small bus9ess conc]n 
inve/or su* z a v5ture capitali/ or an  
angel inve/or2  7ii7 #a memb] %all be a 
small bus9ess conc]n bank]1 includ+--   
7,i7 a community developm5t f9ancial    
in/itution2 or  7,,ii7 a m9ority        

depository in/itution2  7iii7 #c memb]s 
%all be successful entrepr5eurs2  7iv7  
#a memb] %all be a ,,score              
repres5tative2  7v7 #a memb] %all be a  
m5tor 9 ! m5tor-protege program = small 
bus9ess conc]ns eligible to receive     
contracts pursuant to section #h7;a7 :o 
has relevant contract+ exp]i5ce2  7vi7  
#a memb] %all be an exp]t on economic   
developm5t2  7vii7 #a memb] %all be an  
exp]t on di/ress$ regions2 &  7viii7 #c 
memb]s %all be individuals f ! private  
sector ) relevant exp]i5ce z relat$ to !
 mission & ! duties ( ! ,committee4     
7,b7 ,pref]5ce ,!re %all be a pref]5ce =
 ! appo9tm5t ( memb]s ( ! ,committee :o 
are )9 populations t are und]repres5t$  
among small bus9ess conc]n own]s 9 !    
,unit$ ,/ates1 includ+ wom5 & e?nic     
m9ority gr\ps4  7,c7 ,*air ,!           
,adm9i/rator %all select ! *air ( !     
,committee f among memb]s ( !           
,committee4  7,d7 ,t]m2 vacancies ,! t]m
 ( (fice ( ea* memb] ( ! ,committee %all
 be #f ye>s1 except t-- 7i7 ( ! memb]s  

fir/ s]v+ on ! ,committee-- 7,i7 #d %all
 s]ve t]ms ( #b ye>s2  7,,ii7 #d %all   
s]ve t]ms ( #d ye>s2 &  7,,iii7 #d %all 
s]ve t]ms ( #f ye>s2  7ii7 any memb]    
appo9t$ to fill a vacancy %all s]ve = ! 
rema9d] ( ! t]m = :i* 8 pr$ecessor 0    
appo9t$ & %all be appo9t$ 9 ! same mann]
 z ! orig9al appo9tm5t = t vacancy 0    
made2 &  7iii7 ^u ! expiration ( _! t]m 
( (fice1 any memb] ( ! ,committee may   
cont9ue to s]ve until _! successor is   
appo9t$4  7,e7 ,political p>ty ,n m ?an 
#f memb]s ( ! ,committee %all be f !    
same political p>ty4  7,f7 ,appo9tm5ts  
,appo9tm5ts to ! ,committee %all be made
 n lat] ?an #cj days aft] ! date (      
enactm5t ( ! ,next ,g5]ation            
,entrepr5eur%ip ,corps ,act4  7#c7      
,comp5sation ,memb]s ( ! ,committee %all
 s]ve )\t pay1 b %all be entitl$ to     
reimbursem5t = travel1 subsi/5ce1 & o!r 
necess>y exp5ses incurr$ 9 ! p]=mance ( 
_! duties4  7#d7 ,fir/ meet+ ,n lat] ?an
 #cj days aft] ! appo9tm5t ( a majority 
( ,committee memb]s1 ! ,committee %all  

hold its fir/ meet+4  7#e7 ,duties &    
responsibilities ,! ,committee-- 7,a7   
%all provide = ! conduct ( a nationwide 
competition = select+ fell[s to         
p>ticipate 9 ! ,program by-- 7i7 issu+ a
 reque/ = applications n lat] ?an #f    
mon?s aft] ! date ( enactm5t ( ! ,next  
,g5]ation ,entrepr5eur%ip ,corps ,act1 )
 a deadl9e = submissions t is n lat] ?an
 #ab mon?s aft] su* date ( enactm5t2    
7ii7 p>tn]+ ) private organizations1    
includ+ ^? ) inve/m5t exp]i5ce or       
exp]i5ce 9 ! area ( inve/+ 9 bus9esses1 
to provide educational mat]ials to      
educate ! public ab\t ! ,program1 help  
ensure t ! ,program is competitive1 &   
increase aw>5ess ( ! ,program2  7iii7   
p>tn]+ ) organizations t "w ) or provide
 programm+ = ! ,k-#bj entrepr5eur%ip    
pipel9e2 &  7iv7 select+ ! fir/ gr\p (  
fell[s n lat] ?an #ac mon?s aft] ! date 
( enactm5t ( ! ,next ,g5]ation          
,entrepr5eur%ip ,corps ,act2  7,b7 %all 
c>ry out ! duties describ$ 9 ?is section
 ) respect to ! ,program2  7,c7 may     

id5tify-- 7i7 priority sectors t advance
 ! social & economic developm5t ( a     
geographic area or ! ,unit$ ,/ates1     
includ+ social s]vices1 education1 heal?
 & nutrition1 *ild c>e1 manufactur+1    
te*nology1 or any indu/ry sector t      
supports ! economic developm5t /rategy (
 an area2 &  7ii7 prohibit$ sectors &   
bus9esses t c\ld h>m ! economic         
developm5t ( communities1 su* z-- 7,i7  
pr$atory f9ancial s]vices & addictive   
sub/ances2 &  7,,ii7 bus9esses describ$ 
9 section #abj4aaj ( title #ac1 ,code ( 
,f$]al ,regulations1 or any successor   
regulation2  7,d7 may create an entity  
describ$ 9 section #eja7;c77#c7 ( !     
,int]nal ,rev5ue ,code & exempt f       
taxation "u section #eja7;a7 ( su* ,code
 to solicit private fund+ = ! ,program2 
7,e7 may "w ) ! ,economic ,developm5t   
,ag5cy ( ! ,dep>tm5t ( ,comm]ce 9 c>ry+ 
out ! duties ( ! ,program & provid+     
res\rces to fell[s "u ! ,program2 &     
7,f7 %all assi/ ) ! facilitation (      
pair+1 & enc\rage designat$ ,,score     

*apt]s to pair1 assign$ fell[s ) local  
accel]ators4  7#f7 ,/aff ,! ,committee  
may appo9t a /aff director & o!r        
p]sonnel z necess>y to c>ry out ! duties
 ( ! ,committee4  7#g7 ,applicability ( 
,,faca ,! ,f$]al ,advisory ,committee   
,act 7#e ,u4,s4,c4 ,app47 %all n apply  
to ! ,committee4  7l7 ,reports ,n lat]  
?an #a ye> aft] ! date on :i* !         
,committee selects ! fir/ gr\p ( fell[s 
= ! ,program1 & e ye> !reaft]1 !        
,committee %all submit to ,congress a   
report t empirically evaluates !        
effectiv5ess ( ! ,program1 includ+ an   
evaluation by rev5ues & jobs creat$ &   
su/a9$1 small bus9ess conc]n survival   
rates1 capital rais$1 & o!r metrics     
det]m9$ appropriate by ! ,committee4    
7m7 ,au?orizations ( appropriations     
7#a7 ,/ip5ds & network build+ ,!re is   
au?oriz$ to be appropriat$ #ci1bjj1jjj =
 ea* fiscal ye> = ! ,program1 ( :i*--   
7,a7 #ch1djj1jjj %all be = /ip5ds made  
"u subsection 7b77#a72 &  7,b7 #hjj1jjj 
%all be = provid+ reimbursable exp5ses =

 travel & /ay up to #b1ejj p] fell[ to  
att5d #a conf]5ce describ$ 9 subsection 
7g74  7#b7 ,,score ,!re is au?oriz$ to  
be appropriat$ #e1jjj1jjj = ea* fiscal  
ye> to ,,score to c>ry out activities "u
 ! ,program4  7#c7 ,imm]sive initial    
tra9+ ,!re is au?oriz$ to be appropriat$
 = ea* fiscal ye> su* sums z may be     
necess>y to provide to ! ,committee     
#d1jjj p] fell[ "u ! ,program = ! co/ ( 
ho/+ ! imm]sive initial tra9+ "u        
subsection 7f74  7#d7 ,/aff &           
adm9i/ration ,!re is au?oriz$ to be     
appropriat$ #b1ejj1jjj = ea* fiscal ye> 
= /aff & adm9i/rative exp5ses ( !       
,adm9i/ration to implem5t ! ,program4   
7#e7 ,/ud5t loan def]ral & heal?c>e ,!re
 is au?oriz$ to be appropriat$ su* sums 
z may be necess>y to c>ry out subsection
 7d74  7#f7 ,committee co/s ,!re is     
au?oriz$ to be appropriat$ #d1jjj1jjj = 
ea* fiscal ye> = travel & adm9i/rative  
exp5ses ( ! ,committee4  4