SOAR Act

This bill would require the Small Business Administration to create a program, within one year, that awards cash grants of at least $1,000,000 to organizations, often called growth accelerators, that support small businesses in operation for 5 years or less. Grant money could pay for construction, space, and program costs, but could not be given directly to the startups as capital. Each grantee would have to serve at least 10 new small businesses per year and file annual progress reports. At least half of grant funds each year would go to accelerators in certain areas or accelerators where at least half of the businesses served are owned by disadvantaged individuals, women, Native Americans, veterans, formerly incarcerated people, or people with disabilities. The bill authorizes $80 million per year for fiscal years 2027 through 2036.

Full text and official record on Congress.gov

Sponsors

• Cory A. Booker Democrat sponsor
• 3 cosponsors