A bill to amend the Small Business Act to create a program to provide funding for organizations that support startup businesses in formation and early growth stages by providing entrepreneurs with resources and services to produce viable businesses, and for other purposes.
Startup Opportunity Accelerator Act of 2017 or the SOAR Act
This bill amends the Small Business Act to require the Small Business Administration to develop and begin implementing a program to award cash prizes or grants of up to $50,000 to an organization to support new small businesses operating for five years or less. These awards may be used for construction costs, space acquisition, and programmatic purposes, but may not be used to provide capital or professional services to such businesses directly or through the subaward of funds.
The organization must be located in the United States, with a primary purpose to support new small businesses and be often classified as an accelerator. The term "accelerator" means an organization that (1) frequently provides, but is not exclusively designed to provide, seed investment in exchange for a small amount of equity; (2) works with a startup for a predetermined amount of time; (3) provides mentorship and instruction to scale businesses; or (4) offers startup capital or the opportunity to raise capital from outside investors.
Referred to the House Committee on Small Business.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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