S.607 - Native American Business Incubators Program Act115th Congress (2017-2018) |
|Sponsor:||Sen. Udall, Tom [D-NM] (Introduced 03/13/2017)|
|Committees:||Senate - Indian Affairs | House - Natural Resources|
|Committee Reports:||S. Rept. 115-163|
|Latest Action:||House - 07/24/2018 Subcommittee Hearings Held. (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.607 — 115th Congress (2017-2018)All Information (Except Text)
Passed Senate amended (03/22/2018)
Native American Business Incubators Program Act
(Sec. 4) This bill requires the Department of the Interior to establish a grant program in the Office of Indian Energy and Economic Development for establishing and operating business incubators that serve Native American communities. A business incubator is an organization that: (1) provides physical workspace and facilities resources to startups and established businesses, and (2) is designed to accelerate the growth and success of businesses through a variety of business support resources and services.
Grant applicants may be institutions of higher education, private nonprofits, Native American tribes, or tribal nonprofits.
Interior must issue a grant for a three-year term and may renew a grant for up to three more years.
Grant recipients must provide a nonfederal contribution of at least 25% of the annual grant disbursement each year or 33% of a grant renewal.
(Sec. 6) Interior must facilitate the establishment of relationships between grant recipients and educational institutions serving Native American communities.
(Sec. 7) Interior must coordinate with the Department of Agriculture, the Department of Commerce, the Department of the Treasury, and the Small Business Administration to ensure that grant recipients have the information and materials needed to provide Native American businesses and entrepreneurs with assistance in applying for federal business and entrepreneurial development programs.