Proposed bipartisan legislation originally cosponsored by U.S. Rep. Don Bacon (R-NE) that would reauthorize the federal Service Corps of Retired Executives (SCORE) entrepreneurship development program passed the U.S. House on July 10.
The SCORE for Small Business Act of 2018, H.R. 1700, introduced in March 2017 by U.S. Rep. Alma Adams (D-NC), on July 11 was received in the U.S. Senate and referred to the U.S. Senate Small Business and Entrepreneurship Committee for consideration.
“Small businesses and entrepreneurs are the backbone of Nebraska’s Second District,” said Rep. Bacon referring to the home-state region he represents. “The SCORE for Small Business Act will develop mentorship programs for aspiring entrepreneurs and small business owners to help them create a successful company.”
H.R. 1700 would amend the Small Business Act to reauthorize the SCORE program for fiscal year 2018-2019 and rename it as simply the SCORE program, which is part of the U.S. Small Business Administration’s (SBA) entrepreneurship development portfolio providing business assistance to American entrepreneurs.
If enacted, H.R. 1700 would direct the SBA to award a grant to the SCORE Association, or any successor group, to manage the federal government’s largest non-profit business mentoring program aimed at supporting the nation’s small business start-up and growth markets.
With more than 300 SCORE chapters in 800-plus locations around the country, SCORE volunteers – many retired from the workforce – donate upwards of one million hours of time to assist entrepreneurs by providing assistance and training in person and online, according to a statement provided by Rep. Bacon’s office.
“Having retired business leaders mentor and provide entrepreneurs with best practices and training will allow them to contribute to our nation’s thriving economy,” the congressman said.
“Mentorship plays a critical role in the short- and long-term success of small businesses,” added Rep. Adams. “SCORE is an important tool available to help new entrepreneurs better navigate the difficulties of starting a new business.”
H.R. 1700 also would require the SBA ensure that the program and each of its chapters develop and implement plans and goals to provide services more effectively and efficiently to individuals in rural areas, economically disadvantaged communities, and other traditionally underserved communities, according to the congressional record summary.
Such plans could include those for electronic initiatives, web-based initiatives, chapter expansion, partnerships, and the development of new skills by participating volunteers, according to the summary.