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S. 1255: Minority Business Resiliency Act of 2021

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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 Apr 20, 2021.

Minority Business Resiliency Act of 2021

This bill permanently authorizes the Minority Business Development Agency (MBDA) and requires the MBDA to promote and administer programs that assist the development of minority business enterprises (MBEs).

Specifically, the bill requires the MBDA to (1) provide assistance to MBEs in domestic and foreign markets by making available specified resources, (2) promote the position of MBEs in local economies, and (3) collect data on the causes of MBE success or failure and research how economic conditions affect the development of MBEs.

The bill establishes formal processes for the MBDA Business Center Program and the MBDA Rural Business Center Program through which business centers provide programs and services to support MBEs.

The bill also establishes new initiatives to promote economic resiliency for minority businesses, including (1) an annual forum to review problems and programs relating to capital formation by MBEs, (2) a study and report on alternative financing solutions for MBEs, and (3) entrepreneurship education grants for certain institutions of higher education to develop and implement entrepreneurship curricula.

Further, the bill establishes grants for (1) certain nonprofit organizations that provide services to MBEs as one of their primary activities, and (2) MBEs for the purpose of supporting MBEs or helping MBEs remain in business.

The Government Accountability Office must report on the programs carried out pursuant to the bill.