[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4499 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4499

 To establish a grant program to provide minority business enterprises 
   access to entrepreneurship opportunities, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 6, 2023

  Ms. Stevens (for herself and Mrs. Beatty) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
    addition to the Committee on Small Business, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
 To establish a grant program to provide minority business enterprises 
   access to entrepreneurship opportunities, 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. SHORT TITLE.

    This Act may be cited as the ``Increasing and Developing 
Entrepreneurship Access Act of 2023'' or the ``IDEA Act of 2023''.

SEC. 2. GRANTS TO PROVIDE MINORITY BUSINESS ENTERPRISES ACCESS TO 
              ENTREPRENEURSHIP OPPORTUNITIES.

    (a) Establishment.--Not later than 180 days after the date of the 
enactment of this section, the Under Secretary of Commerce for Minority 
Business Development shall establish a program to provide grants to 
business accelerator entities to provide entrepreneurship opportunities 
to minority business enterprises.
    (b) Application.--The Under Secretary may provide a grant under 
this section to a business accelerator entity only if the entity 
submits to the Under Secretary an application at such time, in such 
manner, and containing such information as the Under Secretary may 
reasonably require.
    (c) Amount and Duration.--The amount of a grant provided under this 
section shall be $1,000,000 each year for five consecutive years.
    (d) Federal Share.--The Federal share of a grant provided this 
section to a business accelerator entity may not exceed 75 percent of 
the total amount of funds provided by the entity to carry out 
activities using grant funds.
    (e) Use of Funds.--
            (1) In general.--A grant provided under this section shall 
        be used by a business accelerator entity to provide--
                    (A) capital, including direct cash transfers of 
                grant funds, to minority business enterprises in the 
                region;
                    (B) networking programs that connect minority 
                business enterprises to sources of capital and 
                innovation in the region; and
                    (C) any other assistance that the Under Secretary 
                determines to be appropriate for minority business 
                enterprises in the region.
            (2) Region described.--A region described in this 
        subsection is a region in which not less than 15 minority 
        business enterprises with revenues not less than $250,000 are 
        located.
    (f) Report.--The Under Secretary shall submit to Congress, for each 
fiscal year in which the Under Secretary provides grants under this 
section, a report on the program established under this section, 
including--
            (1) an identification of the number of grants provided in 
        such fiscal year and the total amount of such grants;
            (2) an identification of the number of minority business 
        enterprises that have received assistance from such entities in 
        such fiscal year; and
            (3) a description of any noncompliance by any business 
        accelerator entity and the amount of funds such entity has 
        received.
    (g) Misdemeanor.--A business accelerator entity that receives a 
grant under this section that knowingly uses amounts under the grant 
for any purpose not otherwise permitted under the program established 
by this section or who knowingly attempts to do so, shall be fined as 
provided in title 18, United States Code, or imprisoned for not more 
than one year, or both.
    (h) Definitions.--In this section:
            (1) Business accelerator entity.--The term ``business 
        accelerator entity'' means an entity that--
                    (A) engages in a partnership with public or private 
                organizations that target minority business 
                enterprises;
                    (B) provides opportunities to scale minority owned 
                business enterprises through seed investment or 
                networking opportunities; or
                    (C) offers start-up capital or opportunities to 
                raise capital from outside investors for minority 
                business enterprises.
            (2) Minority business enterprise.--The term ``minority 
        business enterprise'' has the meaning given such term in 
        section 1108(a) of the CARES Act (15 U.S.C. 9007(a)).
            (3) Under secretary.--The term ``Under Secretary'' means 
        the Under Secretary of Commerce for Minority Business 
        Development.
    (i) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $25,000,000 for each of the 
fiscal years 2024 through 2028.
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