U.S. Sens. Joni Ernst (R-IA) and Todd Young (R-IN) on June 8 proposed legislation that would reauthorize the Service Corps of Retired Executives (SCORE) program, an entrepreneurial development program under the Small Business Administration (SBA).
“Like many government efforts, SBA’s SCORE mentorship program is a well-intentioned idea with poor payout and performance,” said Sen. Ernst. “Simply put, we need SCORE to do MORE for our female and rural entrepreneurs as they face rising inflation and other challenges in Biden’s economy.”
Sen. Ernst sponsored the SCORE Act of 2023, S. 1896, with cosponsor Sen. Young to reauthorize the program and ensure that it reaches its full potential in serving entrepreneurs, according to a bill summary provided by the lawmakers.
“Our bill will bring the SCORE program into the modern era of entrepreneurship, enhancing the essential role of mentorship by revamping it as focused, certified coaching,” Sen. Young said. “By ensuring continuous improvements in performance, we can open up new opportunities for rural and urban communities alike, solidifying SCORE’s role as America’s leading incubator for business mentorship and innovation.”
If enacted, S. 1896 would amend the acronym of the current SCORE program and replace it with Supporting Coaching Opportunities for Resilient Entrepreneurs (SCORE), the summary says, and would retool mentors as coaches and establish a coaching certification program.
The bill also would expand online counseling services and set annual performance reviews and actionable performance standards for coaches and employees.
Among several other provisions, the measure would require the current SCORE cooperative agreement to be recompeted every five years to ensure the contract awardee is an organization well equipped to provide fundamental, modern, and relevant business training to individuals in both rural and urban areas, and would form the National Women’s Business Coaches to oversee a “Coach-Match Program” that would pair individuals with appropriate SCORE coaches through online and in-person events, the summary says.
“Revamping this program to be more efficient and effective through improved services will support job growth, boost our local communities, and help more entrepreneurs achieve their dream,” said Sen. Ernst.