Bill > HR4071

This bill, the Startup Opportunity Accelerator Act of 2017 or the SOAR Act, would amend the Small Business Act to create a program within the Small Business Administration (SBA) to provide funding in the form of cash prizes or grants of up to $50,000 to eligible entities, such as business incubators and accelerators, to support new small business concerns (businesses less than 5 years old). The funding could be used for construction, space acquisition, and programmatic purposes, but not for providing capital or professional services directly to the new businesses. The SBA would establish criteria for awarding the prizes or grants, with priority given to entities that provide office space, access to capital and professional services, and formal mentorship programs to the new businesses. The bill also includes requirements for the eligible entities to obtain matching non-public funding and submit annual progress reports to the SBA.

Business and Industry

https://www.congress.gov/bill/115th-congress/house-bill/4071/all-info