SPARK Act

This bill would create two new Small Business Administration (SBA) programs. The Spark Program would fund 5-year cooperative agreements, renewable for 3-year periods, with incubators, accelerators, and similar organizations that give counseling and mentorship to startup and growing small businesses, with work involving groups such as women, veterans, rural businesses, people with disabilities, and formerly incarcerated people. Each agreement would provide at least $500,000 per year, and participants could not be charged fees. The Spark Financing Program would give funds to these and other approved organizations to make grants of up to $20,000 per business or lower-cost loans to small businesses owned by members of these groups or located in economically distressed areas. The SBA would examine the programs, report to Congress each year, and write rules that include clawbacks for fraud.

Full text and official record on Congress.gov

Sponsors

• Edward J. Markey Democrat sponsor
• 2 cosponsors