Bill Overview
Title: Minority Entrepreneurship Grant Program Act of 2022
Description: This bill requires the Small Business Administration (SBA) to award grants to create or expand programs at minority-serving institutions that foster, promote, and increase opportunities for minority entrepreneurship and business ownership. The SBA must also establish a Minority Entrepreneurship Advisory Board to develop recommendations regarding how these institutions can better serve minority businesses and entrepreneurs.
Sponsors: Rep. Williams, Nikema [D-GA-5]
Target Audience
Population: Minority entrepreneurs worldwide
Estimated Size: 5000000
- The bill focuses on fostering entrepreneurship among minorities, thus directly targeting minority groups who are potential or current entrepreneurs.
- Minority-serving institutions will be impacted as they will be recipients of grants to expand their programs.
- The advisory board will develop strategies further affecting how minority entrepreneurs are supported.
- Since the SBA is involved, this bill primarily concerns minority groups within the United States.
Reasoning
- The policy is aimed at promoting entrepreneurship among minority groups, primarily benefiting individuals belonging to these groups and institutions that serve them.
- Given the budget constraints, not all entrepreneurs and institutions can be benefited immediately, leading to a varied impact across different demographics.
- Some people will see immediate benefits, particularly those with access to the programs receiving grants.
- Over time, as the advisory board recommendations are implemented, the reach and impact on aspiring minority entrepreneurs may increase.
Simulated Interviews
Small Business Owner (Chicago, IL)
Age: 32 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- The idea of getting more support through minority-serving institutions sounds promising.
- I hope it leads to more networking and funding opportunities for people like me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 9 | 6 |
Community College Professor (Jackson, MS)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- This could massively boost the resources available for my students who aspire to become entrepreneurs.
- I'm interested in seeing how the advisory board will influence new teaching methods and support systems.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Tech Startup Founder (San Francisco, CA)
Age: 27 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- This program sounds beneficial for someone like me who's still relatively new in business.
- I'm hopeful it could help me find mentors and collaborators easier.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Owner of a Construction Firm (Houston, TX)
Age: 54 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- I'm not sure how this will help established businesses like mine.
- Maybe it will create more competition within minority business circles.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 7 | 6 |
Nonprofit Organization Director (New York, NY)
Age: 40 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 8.0 years
Commonness: 8/20
Statement of Opinion:
- This funding could really open up new avenues for collaboration and impact.
- Drawing on advisory board recommendations might help align more resources with community needs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 8 |
Graduate Student (Los Angeles, CA)
Age: 29 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 6.0 years
Commonness: 11/20
Statement of Opinion:
- This program might finally give someone like me the push needed to kickstart my own venture.
- Opportunity to engage with successful minority entrepreneurs could be a game-changer.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Financial Advisor (Atlanta, GA)
Age: 38 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 10/20
Statement of Opinion:
- I see a lot of potential in this for up-and-comers in the minority business space.
- If executed well, it could spark a lot of positive change, especially for first-time business owners.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Freelancer (Miami, FL)
Age: 25 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- I might finally get the support needed to expand.
- Connecting with more established businesses through this policy sounds promising.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Retired Business Owner (Seattle, WA)
Age: 58 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 13/20
Statement of Opinion:
- I mostly hope this assists budding entrepreneurs.
- As a mentor, I look forward to seeing what the institutions develop to help new businesses thrive.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 8 |
Entrepreneur (Detroit, MI)
Age: 48 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 9/20
Statement of Opinion:
- Additional business resources through this could be really valuable.
- Grants might alleviate some financial pressure, allowing me to focus on strategic growth.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Cost Estimates
Year 1: $80000000 (Low: $60000000, High: $100000000)
Year 2: $85000000 (Low: $65000000, High: $105000000)
Year 3: $90000000 (Low: $70000000, High: $110000000)
Year 5: $100000000 (Low: $80000000, High: $120000000)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The grant program's success depends heavily on the effectiveness of the SBA's administration and the advisory board's guidance.
- Economic conditions could influence the success rate of new businesses started by minority entrepreneurs.
- Changes in federal budgetary allocations may affect the sustainability of the program.