U.S. Rep. Troy Balderson (R-OH) recently unveiled bipartisan, bicameral legislation to establish a Next Generation Entrepreneurship Corps program within the Small Business Administration.
“It’s critical now more than ever our country identifies and uplifts the next generation of entrepreneurs — including those in my home state of Ohio,” Rep. Balderson said. “The skills and talent these individuals bring to the table will help fuel America’s economic recovery. We just need to ensure they have the right resources at their disposal.”
The Next Generation Entrepreneur Corps Act, H.R. 8851, which Rep. Balderson introduced on Dec. 3 with bill sponsor U.S. Rep. Jason Crow (D-CO), aims to spur new business and job creation in underserved communities by starting a competitive fellowship for entrepreneurs with a five-year investment of $368 million, according to a bill summary provided by Rep. Balderson’s office.
The investment would help identify talented entrepreneurs through a national competition, which in turn would directly support the creation of more than 320 new businesses each year, the summary says.
The same-named S. 4964 was introduced the same day by U.S. Sens. Chris Coons (D-DE) and Tim Scott (R-SC).
If enacted, the Next Generation Entrepreneur Corps Act would provide fellows with a $120,000 two-year stipend for living and basic startup expenses, healthcare and interest-free federal student loan deferral for two years; provide fellows with mentorship and networking opportunities; and partner with the Small Business Administration (SBA) 8(a) Small Business Development program, among other provisions, according to the bill summary.
“As our country works to rebuild from the pandemic, we need to make sure we are supporting the next generation of entrepreneurs,” said Rep. Crow. “I’m proud to join with Senators Coons and Scott as well as my colleague Representative Balderson to support these entrepreneurs and make sure we continue to foster growth in our hardest-hit communities.”