Bill > S4208

Introduced Session

A bill to require the Minority Business Development Agency of the Department of Commerce to promote and administer programs in the public and private sectors to assist the development of minority business enterprises, to ensure that such Agency has the necessary supporting resources, particularly during economic downturns, and for other purposes. This bill permanently authorizes the Minority Business Development Agency and provides additional funding for the agency to assist minority businesses affected by COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the agency to (1) promote and administer minority business development programs in the public and private sectors, and (2) carry out programs that increase access to capital, management, and technology for such businesses. The bill provides statutory authority for the agency's existing initiatives. Such initiatives include the Minority Business Development Center Program, which is a national network of public-private partnerships that assist, provide counseling and mentoring to, and facilitate the growth of minority businesses. The bill also establishes new initiatives to promote resiliency for minority businesses, such as (1) an annual government-business forum to review the status of problems and programs relating to capital formation by minority businesses, (2) an agency study on opportunities to provide alternative financing solutions to minority businesses, and (3) grants to institutions of higher education for developing and implementing entrepreneurship curricula.

AI Summary

Committee Categories

Ben Cardin (D)*,  Cory Booker (D),  Maria Cantwell (D),  Catherine Cortez Masto (D),  Kamala Harris (D),  Jacky Rosen (D),  Chuck Schumer (D),  Chris Van Hollen (D), 

Read twice and referred to the Committee on Commerce, Science, and Transportation. (on 07/02/2020)

Official Document