Bill > HR5826

This bill establishes a grant program administered by the Under Secretary of Commerce for Minority Business Development to support minority-owned businesses through business accelerator entities. The program will provide $1,000,000 grants annually for five years to entities that help minority businesses, with the federal government covering up to 75% of the total funding. Grant recipients must use the funds to provide direct capital transfers, networking programs, and other support to minority business enterprises in regions with at least 15 businesses earning over $250,000 annually. A business accelerator entity is defined as an organization that partners with public or private groups to support minority businesses, offers networking opportunities, or provides start-up capital. The Under Secretary must submit annual reports to Congress detailing the number of grants awarded, the number of businesses assisted, and any instances of noncompliance. Entities that misuse grant funds can be fined or imprisoned. The bill authorizes $25 million in appropriations for fiscal years 2026 through 2030 to implement this program, with the goal of increasing entrepreneurship opportunities for minority-owned businesses.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5826/all-info