H.R.2809 - Microenterprise and Youth Entrepreneurship Development Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Richmond, Cedric L. [D-LA-2] (Introduced 08/05/2011)|
|Committees:||House - Financial Services; Small Business; Education and the Workforce|
|Latest Action:||10/04/2011 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2809 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (08/05/2011)
Microenterprise and Youth Entrepreneurship Development Act of 2011 - Amends the Riegle Community Development and Regulatory Improvement Act of 1994 for purposes of the microenterprise technical assistance and capacity building grant program to include in the definition of "disadvantaged entrepreneur" a microentrepreneur operating or intending to operate a business in an investment area.
Increases to 60% (currently, 50%) the minimum percentage of such grants required to be used to benefit very low-income persons, including those residing on Indian reservations.
Requires the Administrator of the Small Business Administration (SBA) to consider the impact of the 2007-2009 economic crisis on an applicant's geographic area when deciding whether to reduce or eliminate matching requirements for applicants with severe constraints on available funding sources.
Directs the Administrator to establish an SBA Microenterprise Coordinator position.
Requires the Administrator to establish an Office of Youth Entrepreneurship and appoint a Director to carry out: (1) the youth entrepreneur technical assistance grant program to make grants to assist entities, including nonprofit microenterprise development organizations, to provide individuals under 25 years of age with technical assistance related to entrepreneurship; and (2) the youth entrepreneurship curriculum grant program to make grants to applying local educational agencies of states and federally recognized Indian tribes.