[Congressional Record Volume 165, Number 166 (Monday, October 21, 2019)]
[House]
[Pages H8277-H8278]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1615
           ESTABLISHING A GROWTH ACCELERATOR FUND COMPETITION

  Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 4387) to establish Growth Accelerator Fund Competition 
within the Small Business Administration, and for other purposes.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 4387

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. GROWTH ACCELERATOR FUND COMPETITION.

       (a) In General.--There is established a program within the 
     Small Business Administration to be known as the ``Growth 
     Accelerator Fund Competition'' under which the Administrator 
     of the Small Business Administration shall award prizes on a 
     competitive basis to covered entities that--
       (1) assist small business concerns with accessing capital 
     and finding mentors and networking opportunities; and
       (2) advise small business concerns, including advising on 
     market analysis, company strategy, revenue growth, and 
     securing funding.
       (b) Requirements.--Except as otherwise provided in this 
     section, the Administrator shall carry out the program 
     established under this section in accordance with the 
     requirements of section 24 of the Stevenson-Wydler Technology 
     Innovation Act of 1980 (15 U.S.C. 3719).
       (c) Application.--A prize only may be awarded to a covered 
     entity that submits to the Administrator an application at 
     such time, in such manner, and containing such information as 
     the Administrator may require.
       (d) Eligibility.--To be eligible to apply for a prize under 
     this section, a covered entity--
       (1) may not have an outstanding, unresolved financial 
     obligation to the Federal Government; and
       (2) may not be currently suspended or debarred as specified 
     under subpart 9.4 of title 48, Code of Federal Regulations 
     (or any successor regulation).
       (e) Selection of Covered Entities.--From applications 
     submitted under subsection (c), the Administrator shall 
     select covered entities that will provide to small business 
     concerns--
       (1) regular networking opportunities, including 
     introductions to customers, partners, suppliers, advisory 
     boards, and other persons;
       (2) mentorship opportunities, including advice on strategy, 
     technology, finances, and commercialization assistance;
       (3) shared working environments focused on building a 
     strong community amongst other similar small business 
     concerns;
       (4) resources and co-working arrangements;
       (5) opportunities to pitch ideas to investors and other 
     capital formation opportunities;
       (6) small amounts of angel money, seed capital, or 
     structured loans; and
       (7) where appropriate, assistance in securing funding under 
     the SBIR program or the STTR program established under 
     section 9 of the Small Business Act (15 U.S.C. 638).
       (f) Priority.--
       (1) In general.--The Administrator, in approving 
     applications under this section, shall give priority to 
     applications that include methods to provide assistance and 
     advice to small business concerns located in underserved 
     communities, including--
       (A) small business concerns owned and controlled by women;
       (B) small business concerns owned and controlled by 
     veterans; and
       (C) small business concerns owned and controlled by 
     socially and economically disadvantaged individuals (as 
     defined in section 8(d)(3)(C) of the Small Business Act (15 
     U.S.C. 637(d)(3)(C))).
       (2) Allocation.--Of prizes awarded to covered entities 
     under this section in a fiscal year, the Administrator shall 
     ensure that--
       (A) not less than 20 percent of such covered entities will 
     assist and advise small business concerns owned and 
     controlled by women; and
       (B) not less than 20 percent of such covered entities will 
     assist and advise small business concerns owned and 
     controlled by socially and economically disadvantaged 
     individuals.
       (g) Selection of Small Business Concerns.--A covered entity 
     that receives a prize under the Growth Accelerator Fund 
     Competition shall use a selective process to identify small 
     business concerns to provide assistance and advice described 
     under subsection (a).
       (h) Development of Metrics.--The Administrator shall 
     develop metrics to evaluate the effectiveness and the benefit 
     to the people of the United States of the Growth Accelerator 
     Fund Competition that--
       (1) are science-based and statistically driven;
       (2) reflect the mission of the Small Business 
     Administration; and
       (3) include factors relating to the economic impact of the 
     Growth Accelerator Fund Competition.
       (i) Definitions.--In this section:
       (1) Administrator.--The term ``Administrator'' means the 
     Administrator of the Small Business Administration.
       (2) Covered entity.--The term ``covered entity'' means a 
     private entity that is incorporated in and maintains a 
     primary place of business in the United States.
       (3) Small business act definitions.--The terms ``small 
     business concern'', ``small business concern owned and 
     controlled by women'', ``small business concern owned and 
     controlled by veterans'' have the meanings given such terms, 
     respectively, in section 3 of the Small Business Act (15 
     U.S.C. 632).
       (j) Authorization of Appropriations.--There are authorized 
     to be appropriated to the Administrator $2,000,000 for each 
     of fiscal years 2020, 2021, 2022, and 2023 to carry out the 
     Growth Accelerator Fund Competition.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
New York (Ms. Velazquez) and the gentleman from Ohio (Mr. Chabot) each 
will control 20 minutes.
  The Chair recognizes the gentlewoman from New York.


                             General Leave

  Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members 
may have 5 legislative days in which to revise and extend their remarks 
and include extraneous material on the measure under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from New York?
  There was no objection.
  Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I rise in support of the bill before us today, H.R. 
4387, which establishes the Growth Accelerator Fund Competition within 
SBA.
  Accelerator programs provide founders of early-stage companies with 
education, mentorship, financing, cohort-based training, and technical 
assistance. There are many accelerator success stories. Among them are 
well-known companies like Airbnb, Dropbox, and Stripe.
  The SBA funds the Growth Accelerator Fund Competition for the 
Nation's most innovative, diverse, and promising small business 
accelerators and incubators. It was created in 2014 to support small 
business job creation by giving early-stage entrepreneurs opportunities 
to immerse themselves in an intense learning environment.
  Monetary prizes of $50,000 to each of the winners go a long way 
towards supporting the development of accelerators and incubators.
  Not only does the Growth Accelerator Fund Competition spur economic 
development and create jobs, but most importantly, it supports 
innovation in economic areas that are outside of what we have come to 
think of as traditional coastal tech hubs.
  It supports places like the industrial heartland, where barriers to 
capital access have hindered entrepreneurs. The program also has a 
proven track record of investing in women and minority entrepreneurs.
  The legislation will authorize $2 million in funds, annually, for 4 
years, to

[[Page H8278]]

carry out the Growth Accelerator Fund Competition. H.R. 4387 continues 
our commitment of investment in the next generation of American 
entrepreneurs by promoting innovation and growing jobs.
  Mr. Speaker, I urge Members to support this legislation, and I 
reserve the balance of my time.
  Mr. CHABOT. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 4387. This bipartisan 
legislation codifies the SBA's Growth Accelerator Fund Competition.
  Since 2014, the SBA's Office of Investment and Innovation has run a 
yearly competition to identify the Nation's best small business 
accelerators and incubators. The competition has proven successful over 
the past 5 years, and I expect that will continue to be successful 
during the authorization period.
  The accelerators that win these awards represent a broad set of 
industries and sectors, from manufacturing to tech startups, to farming 
with a diversified range of demographic groups.
  The winners are selected through a two-tier review panel process and 
are evaluated by experts in entrepreneurship, investing, and business 
plans, both inside and outside Federal Government. The expert judges 
review applications and pitch videos submitted by the finalists.
  I am proud to say that three Cincinnati organizations have won an 
award prize since the initiative's inception: The Brandery, First 
Batch, and Mortar. These award dollars have been reinvested in small 
business clients in Cincinnati communities.
  As an authorized program rather than an SBA Administrator initiative, 
the competition will now be subject to greater congressional oversight.
  I want to thank the gentleman from New York (Mr. Espaillat) and my 
fellow Ohioan, Mr. Balderson, for their leadership on this bill. Their 
hard work on this bill has been informed by oversight findings, program 
feedback, and agency transparency.
  Mr. Speaker, this legislation has my full support. I urge its 
adoption, and I reserve the balance of my time.
  Ms. VELAZQUEZ. Mr. Speaker, I just want to take this opportunity also 
to congratulate Congressman Adriano Espaillat from New York and Mr. 
Balderson for their hard work and the contributions that they are 
making with this bill.
  Mr. Speaker, I yield such time as he may consume to the gentleman 
from New York (Mr. Espaillat), who is the sponsor of the bill.
  Mr. ESPAILLAT. Mr. Speaker, I thank Chairwoman Velazquez and also 
Ranking Member Chabot for their leadership. I would also like to thank 
my colleague, Congressman Balderson, for working with me on this 
bipartisan legislation.
  One of the most widely successful tools the Small Business 
Administration utilizes to grow and support small businesses is the 
Growth Accelerator Fund Competition. Since this program began in 2014, 
the Growth Accelerator Fund Competition has small businesses and 
entrepreneurs in almost 40 States.
  This competitive program provides some of the most innovative and 
promising small businesses in high-growth sectors with early-stage 
education, financing, mentorship, cohort-based training, and technical 
assistance. Importantly, these entrepreneurial development models 
create a pipeline of talented entrepreneurs--especially women and 
minorities--to grow and succeed.
  According to the Small Business Administration, since this Growth 
Accelerator Fund Competition began in 2014, the first 50 awardees have 
led directly to almost 1,500 companies across the country.
  Codifying this program and authorizing $2 million for 4 additional 
years is a commitment to American innovation. The legislation reflects 
our bipartisan support and priority investment in the growth, 
development, and expansion of small businesses.

  I am proud to support this program, and I am glad to work with 
colleagues on both sides of the aisle on this meaningful and important 
legislation.
  Mr. Speaker, I urge my colleagues to support this bill.
  Mr. CHABOT. Mr. Speaker, I yield myself the balance of my time to 
close.
  The Growth Accelerator Fund Competition at the SBA draws attention 
and funding to parts of the country where there are gaps in the 
entrepreneurial ecosystem. This bipartisan bill, while congressionally 
authorizing an already successful program, will provide for increased 
reporting and better metrics to gauge program outcomes and will provide 
budding entrepreneurs with greater resources to build our communities.
  This bill is a product of our bipartisan work at the Small Business 
Committee, and I want to thank all of our members, both Democratic and 
Republican, for their excellent work on this legislative package, as 
well as our chairwoman, Ms. Velazquez, and her staff for working with 
our staff in a very cooperative, bipartisan way.
  It would be great if the rest of the House worked as well as this 
committee does. I think it is the best committee in Congress. I am on 
Judiciary and Foreign Affairs, too, so they may not like that, but this 
is a really bipartisan committee, and it is a real joy to be on it.
  Mr. Speaker, I urge this bill's adoption, and I yield back the 
balance of my time.
  Ms. VELAZQUEZ. Mr. Speaker, I yield myself the balance of my time.
  Business accelerators help high-growth startup enterprises develop 
their products, identify promising customer segments, and secure 
resources, including vital capital and potential employees. It is clear 
that they serve an important role in innovation, and H.R. 4387 enhances 
the ability of the SBA's Growth Accelerator Fund Competition so it can 
continue to assist entrepreneurs.
  By opening the funding network for companies that may not otherwise 
have gained such exposure, the growth accelerator fund helps boost 
small business innovation and grow the economy.
  The SBA growth accelerator program supports underserved business 
owners and fills critical gaps in capital access. In 2019, 60 percent 
of the winners were either women owned, socially or economically 
disadvantaged, or located in areas with a lower number of SBIR and STTR 
awards. This bill reinforces our committee's pledge to entrepreneurship 
and job creation.
  Finally, I want to thank Mr. Espaillat and Mr. Balderson for their 
diligence on this bill, and I also want to take the opportunity to 
thank the ranking member, Mr. Chabot, his staff, and my staff.
  What we are showing today is that there is not a Republican or 
Democratic approach when it comes to small businesses. This is the way 
that we do right by the American people.
  Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from New York (Ms. Velazquez) that the House suspend the 
rules and pass the bill, H.R. 4387.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill was passed.
  A motion to reconsider was laid on the table.

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