HR 8708
Main Street BRIDGE Act
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Bill overview
The Main Street BRIDGE Act aims to improve support for small businesses by encouraging collaboration between the Small Business Administration’s Small Business Development Centers and the Minority Business Development Agency’s Business Centers. It directs these agencies to work together more effectively and requires them to report on the results of this collaboration, including the number of businesses served, jobs created, and financial assistance provided. The goal is to better serve small business concerns and promote growth and equity within the small business community.
Key provisions
- Directs the Small Business Administration Administrator and the Minority Business Development Agency Director to collaborate.
- Requires a report within two years detailing the collaboration’s results.
- The report must include data on businesses served, jobs created, and financial assistance.
- Defines key terms such as Administrator, Director, MBDA Business Center, Secretary, Small business concern, and Small business development center.
- Sets a 180-day deadline for initiating the collaboration.
Who is affected
- Small businesses
- Small Business Development Centers
- Minority Business Development Agency Business Centers
- Small Business Administration
- Secretary of Commerce
Notable changes
- Establishes a formal framework for collaboration between SBA and MBDA resources.
- Mandates a comprehensive reporting process to measure the impact of the collaboration.
Sponsors
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Primary sponsor
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119th CONGRESS — 2d Session
H. R. 8708
IN THE HOUSE OF REPRESENTATIVES
A BILL
To direct the Administrator of the Small Business Administration and the National Director of the Minority Business Development Agency to direct small business development centers and MBDA Business Centers to collaborate to better serve small business concerns, and for other purposes.
This Act may be cited as the Main Street Business Resource Integration and Development for Growth and Equity Act Main Street BRIDGE Act
or
.
A summary of the results of the collaboration required under subsection (a).
A description of the challenges faced by small business development centers and MBDA Business Centers in carrying out the collaboration required under subsection (a).
The number of small business concerns served as a result of the collaboration required under subsection (a).
The number of new small business concerns started as a result of the collaboration required under subsection (a).
The number of new jobs created and existing jobs supported, in small business concerns, as a result of the collaboration required under subsection (a).
Any recommendations for enhancing collaboration between small business development centers and MBDA Business Centers.
In this Act:
The term Administrator
means the Administrator of the Small Business Administration.
The term Director
means the National Director of the Minority Business Development Agency.
MBDA Business Centerhas the meaning given that term in section 100002(7) of the Minority Business Development Act of 2021 (15 U.S.C. 9501(7)).
The term Secretary
means the Secretary of Commerce.
The term small business concern
has the meaning given the term under section 3 of the Small Business Act (15 U.S.C. 632).
small business development centerhas the meaning given that term in section 3(t) of the Small Business Act (15 U.S.C. 632(t)).