H.R. 5944 – Reading Mode

112th CONGRESS

2d Session

H. R. 5944

IN THE HOUSE OF REPRESENTATIVES

June 8, 2012

Mr. Richmond introduced the following bill; which was referred to the Committee on Small Business, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To strengthen entrepreneurial education, and for other purposes.

Short title

This Act may be cited as the Today’s Entrepreneurs are America’s Mentors Act or the TEAM Act.

Definitions

In this Act—

(1)

the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; and

(2)

the term small business concern has the meaning given that term under section 3 of the Small Business Act (15 U.S.C. 632).

Office of Entrepreneurial Education

(a)

In general

The Small Business Act (15 U.S.C. 631 et seq.) is amended—

(1)

by redesignating section 45 (15 U.S.C. 631 note) as section 47; and

(2)

by inserting after section 44 (15 U.S.C. 657q) the following:

45.

Entrepreneurial education

(a)

Office of Entrepreneurial Education

(1)

In general

There is in the Administration an Office of Entrepreneurial Education, which shall develop and provide innovative entrepreneurial information, education, and resources, to promote prospective entrepreneurs and successful small business concerns.

(2)

Director

The head of the Office of Entrepreneurial Education is the Director of the Office of Entrepreneurial Education, who shall report to the Associate Administrator for Entrepreneurial Development.

(3)

Duties

The Director of the Office of Entrepreneurial Education shall—

(A)

manage the online courses, online publications, and other online resources provided by the Administration to entrepreneurs and small business concerns;

(B)

manage the youth entrepreneurship programs of the Administration, including—

(i)

online resources for youth entrepreneurs; and

(ii)

coordination and outreach with entrepreneurial development service providers that provide counseling and training to youth entrepreneurs desiring to start or expand small business concerns;

(C)

coordinate with nonprofit and other private sector partners to share educational materials on money management and financial literacy for entrepreneurs and small business concerns; and

(D)

provide assistance and courtesy services to individuals and foreign dignitaries visiting the United States who are interested in issues relating to entrepreneurs and small business concerns.

(b)

National Primary and Secondary School Entrepreneurial Education Program

(1)

In general

Not later than 1 year after the date of enactment of the Today’s Entrepreneurs are America’s Mentors Act, the Associate Administrator for Entrepreneurial Development (referred to in this subsection as the Associate Administrator) shall establish a program under which the Associate Administrator may make grants to nonprofit organizations, including small business development centers, women’s business centers, chapters of the Service Corps of Retired Executives, and other resource partners of the Administration, to provide technical assistance to primary and secondary schools for the development and implementation of curricula and mentoring programs designed to promote entrepreneurship.

(2)

Application

A nonprofit organization desiring a grant under this subsection shall submit to the Associate Administrator an application that contains—

(A)

a description of the goals of the project to be funded using the grant;

(B)

a list of any partners that plan to participate in the project to be funded using the grant; and

(C)

any other information that the Associate Administrator determines is necessary.

(3)

Report

Not later than 1 year after the date on which a nonprofit organization receives a grant under this subsection, the nonprofit organization shall submit to the Associate Administrator a report that describes—

(A)

the individuals assisted using the grant;

(B)

the number of jobs created or saved through the use of the grant; and

(C)

any other information concerning the use of the grant that the Associate Administrator may require.

(4)

Authorization of appropriations

There are authorized to be appropriated to carry out this subsection $3,000,000 for each of fiscal years 2013, 2014, and 2015.

(b)

Report on best practices of entrepreneurial education and training programs

(1)

Report required

Not later than 180 days after the date of enactment of this Act, the Director of the Office of Entrepreneurial Education shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report that describes best practices of entrepreneurial education and training programs throughout the United States.

(2)

Contents

The report submitted under paragraph (1) shall include—

(A)

a description of any programs that the Director of the Office of Entrepreneurial Education determines are exemplary, including national programs, regional programs, State programs, and local programs; and

(B)

a summary of entrepreneurial education and training programs carried out by—

(i)

the Federal Government;

(ii)

State and local governments; and

(iii)

nonprofit organizations and private sector groups.

University and college entrepreneurial education program

Section 21 of the Small Business Act (15 U.S.C. 648) is amended by adding at the end the following:

(o)

University and college entrepreneurial education program

(1)

In general

A small business development center may apply for a grant under this subsection to carry out a university and college entrepreneurial education program.

(2)

Elements of program

A program carried out using a grant under this subsection may include—

(A)

connecting university and college students with small business concerns that are clients of a small business development center;

(B)

providing assistance to faculty members of universities and colleges with respect to entrepreneurial education programs for students of the universities and colleges; and

(C)

improving university and college business curricula or developing university and college curricula concerning entrepreneurial education.

(3)

Funding

The Administration may make grants under this subsection subject to amounts provided in advance in appropriations Acts.

Entrepreneurial innovators partnership program

The Small Business Act (15 U.S.C. 631 et seq.) is amended by inserting after section 45, as added by this Act, the following:

46.

Entrepreneurial innovators partnership program

(a)

Definitions

In this section—

(1)

the term Associate Administrator means the Associate Administrator for Entrepreneurial Development; and

(2)

the term eligible entity—

(A)

means a nonprofit organization; and

(B)

includes a small business development center, a women's business center, a chapter of the Service Corps of Retired Executives, or any other nonprofit resource partner of the Administration.

(b)

Program established

The Associate Administrator shall establish an entrepreneurial innovators partnership program under which the Associate Administrator shall make grants to eligible entities to carry out innovative programs that expand entrepreneurship, improve partnerships between nonprofit organizations and entrepreneurs, and promote job creation by small business concerns.

(c)

Program activities

A grant under this section may be used to develop or expand—

(1)

a program that promotes entrepreneurship among youth or veterans;

(2)

a program under which students pursing a Masters of Business Administration degree provide free technical assistance, counseling, or other assistance to small business concerns;

(3)

a program that provides entrepreneurial education to professional services providers, including attorneys and accountants; or

(4)

any other program that the Associate Administrator determines is appropriate.

(d)

Terms and conditions

(1)

Amount

The amount of a grant under this section may not exceed $250,000.

(2)

Federal share

(A)

In general

Except as provided in subparagraph (B), the Federal share of the cost of a project carried out using a grant under this section may not exceed 50 percent.

(B)

Exception

The Federal share of the cost of a project carried out using a grant under this section may exceed 50 percent if the Associate Administrator determines that the project would—

(i)

assist a program to become self-sustaining; or

(ii)

create not fewer than 100 new jobs.

(e)

Applications

(1)

Submission

An eligible entity that desires a grant under this section shall submit an application to the Associate Administrator at such time and in such form as the Associate Administrator shall determine.

(2)

Priority

In awarding grants the Associate Administrator shall give priority to an application that—

(A)

includes a proposal for an innovative or novel approach to entrepreneurial education;

(B)

is made by an eligible entity with demonstrated success in—

(i)

creating jobs;

(ii)

increasing the size of small business concerns; or

(iii)

working with small business concerns; or

(C)

includes a proposal for a program to be carried out through a partnership between nonprofit organizations, resource partners of the Administration, and educational institutions.

(f)

Authorization of appropriations

There are authorized to be appropriated to carry out this section $3,000,000 for each of fiscal years 2013, 2014, and 2015.

Regional entrepreneurial competitions

(a)

In general

The Administrator, acting through the Associate Administrator for Field Operations, shall establish a program to host regional competitions and a national conference to address regional challenges through entrepreneurial research and business planning.

(b)

Program requirements

(1)

Regional offices

The regional administrator of each regional office of the Administration shall—

(A)

identify a prominent public-private issue that challenges a broad range of individuals in the region;

(B)

sponsor a single regional competition among local small business concerns, inventors, and entrepreneurs under which persons or groups of persons submit research and business plans to address the issue identified under subparagraph (A);

(C)

provide outreach to universities, colleges, business communities, industry leaders and organizations, and nonprofit organizations to promote the competition and to request proposals for research and business plans;

(D)

in coordination with the Director of the Office of Entrepreneurship Education, select the 3 research or business plans that best address the issue identified under subparagraph (A); and

(E)

submit to the Administrator a report that contains the research or business plans selected under subparagraph (D).

(2)

Conference

(A)

In general

The Administrator, acting through the Associate Administrator for Field Operations, shall organize a single national conference for the presentation of the research and business plans selected under paragraph (1)(D) by the regional administrators.

(B)

Panel

(i)

In general

The Administrator shall designate 11 employees of the Administration to serve on a panel that shall select, from among the research and business plans presented at the conference, 1 plan from each region that best addresses the issue identified under paragraph (1)(A) for that region.

(ii)

Members

The Administrator shall designate as a member of the panel under clause (i)—

(I)

1 employee of the principal office of the Administration; and

(II)

1 employee from each of the regional offices of the Administration.

(3)

Grant

(A)

In general

The Administrator shall award a grant of $50,000 to each person or group of persons who submitted a plan selected under paragraph (2)(B).

(B)

Report

Not later than 1 year after the date on which the Administrator awards a grant under subparagraph (A), the recipient of the grant shall submit to the Administrator a report on the use of the grant.

(4)

Authorization of appropriations

There are authorized to be appropriated to the Administrator $750,000 to carry out this section.

Study on entrepreneurial deferment of student loans

Not later than 180 days after the date of enactment of this Act, the Administrator, in consultation with the Secretary of Education, shall submit to Congress a report that includes detailed recommendations for legislation establishing a program—

(1)

to forgive student loans in a manner that assists youth entrepreneurship by making available capital for business formation; and

(2)

to defer student loan repayments in a manner that assists youth entrepreneurship by making available capital for business formation.