Legislation creates a new program within the Small Business Administration
WASHINGTON -- Today, Congressman Kweisi Mfume, Vice-Chair of the House Small Business Committee, announced introduction of the Ushering Progress by Leveraging Innovation and Future Technology (UPLIFT) Act of 2021, which will foster innovation and entrepreneurial ecosystems in minority, rural, lower-income, and other underserved communities by providing Historically Black Colleges and Universities (HBCUs), minority-serving institutions (MSIs), and community colleges with resources needed to establish and expand incubator and accelerator programs for underserved entrepreneurs.
The legislation creates a pilot Innovation Centers Program within the Small Business Administration (SBA) to award competitive cooperative agreements worth as much as $400,000 annually to eligible institutions that support underserved and/or lower-income communities. Senator Ben Cardin, Chair of the Senate Small Business Committee, introduced the UPLIFT Act of 2021 in the U.S. Senate.
"I am honored to join Ben in putting forth this legislation. While entrepreneurship education is becoming widely available at universities, business schools, and even high schools, it often misses Historically Black Colleges and Universities, minority-serving institutions, and community colleges. The anchor institutions contemplated in the UPLIFT Act of 2021 will serve populations that tend to be underrepresented in entrepreneurship, particularly in high-growth sectors," said Congressman Mfume. "Reducing barriers to entrepreneurship can positively impact people and communities by creating a pathway to economic parity and narrowing the racial wealth gap," he added.
"One of the lessons from the COVID-19 pandemic is that the federal government must play an active role in leveling the playing field for entrepreneurs in underserved, underbanked, and undercapitalized communities," Senator Cardin said. "The UPLIFT Act will leverage the unique role that HBCUs, MSIs, and community colleges play in their communities to foster innovation ecosystems in minority, rural, low-income, and other underserved communities."
Incubators, accelerators, and other small business innovation models have a demonstrated track record of helping businesses reach their potential by providing intensive mentorship, networking opportunities and even access to capital.
The pilot Innovation Centers Program in the UPLIFT Act of 2021 would:
- prioritize inclusivity in innovation to ensure that groups currently underrepresented in high-growth industries get the support they need to succeed;
- establish new entrepreneurship ecosystems by leveraging HBCUs, MSIs, and community colleges, which are institutions uniquely positioned to reach minority, rural, and lower-income rural populations to foster entrepreneurship in the communities where they reside;
- expand SBA's reach to the entrepreneurs who are too often overlooked;
- enhance outcomes for underserved business owners by creating incubators, accelerators, and other small business innovation-focused models that have a demonstrated history of helping businesses become successful.
The models provided by the UPLIFT Act of 2021 will combine unique and intensive mentorship, networking, and sometimes funding opportunities to fill a gap in SBA's current programming.
The bill has been endorsed by the U.S. Senate Committee on Small Business & Entrepreneurship Majority, Bowie State University, the University of Maryland Eastern Shore, the Hispanic Association of Colleges and Universities (HACU), U.S. Black Chambers, the Page 30 Coalition, Morgan State University, and Coppin State University.
Media contact:
Communications Dir: Rhonda Craig/202-860-7026