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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 6, 2020.
This bill provides statutory authority for the Growth Accelerator Fund Competition program within the Small Business Administration (SBA).
Specifically, the bill requires the SBA, prioritizing small business concerns in underserved communities, to award prizes on a competitive basis to U.S. private entities that (1) assist small business concerns in accessing capital, mentors, and networking opportunities; and (2) advise small business concerns on topics such as market analysis, company strategy, revenue growth, and securing funding.
The SBA must also develop metrics to evaluate the the program's effectiveness and benefits to the people of the United States that (1) are science-based and statistically driven, (2) reflect the SBA's mission, and (3) include factors relating to the program's economic impact.