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.
Minority Business Development Act of 2021
This bill permanently authorizes the Minority Business Development Agency (MBDA), requires the MBDA to promote and administer programs that assist the development of minority business enterprises (MBEs), and establishes the Minority Business Enterprises Advisory Council to advise and assist the MBDA.
Specifically, the bill requires the MBDA to (1) provide assistance to MBEs in domestic and foreign markets by making available specified resources, (2) promote the position of MBEs in local economies, and (3) collect data on the causes of MBE success or failure and research how economic conditions affect the development of MBEs.
The bill establishes formal processes for the MBDA Business Center Program and the MBDA Rural Business Center Program through which business centers provide programs and services to support MBEs.
The bill also establishes new initiatives to promote economic resiliency for minority businesses, including (1) an annual forum to review problems and programs relating to capital formation by MBEs, (2) a study and report on alternative financing solutions for MBEs, and (3) entrepreneurship education grants for certain institutions of higher education to develop and implement entrepreneurship curricula.
Further, the bill establishes grants for certain nonprofit organizations that provide services to MBEs as one of their primary activities.
The bill authorizes the MBDA to coordinate federal government programs and operations that affect the establishment, preservation, and strengthening of socially or economically disadvantaged businesses.
The Government Accountability Office must report on the programs carried out pursuant to the bill.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 23.
Read twice and referred to the Committee on Commerce, Science, and Transportation.
Introduced in Senate
Read twice and referred to the Committee on Commerce, Science, and Transportation.
Committee on Commerce, Science, and Transportation. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Commerce, Science, and Transportation. Reported by Senator Cantwell with an amendment in the nature of a substitute. Without written report.
Committee on Commerce, Science, and Transportation. Reported by Senator Cantwell with an amendment in the nature of a substitute. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 228.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line