On July 27, the Senate Small Business and Entrepreneurship Committee approved, 18-0, a bill (S. 3778) to reauthorize the Small Business Administration (SBA) and its programs through 2009. The SBA was last reauthorized through the Small Business Reauthorization and Manufacturing Assistance Act of 2004, which was incorporated into the Consolidated Appropriations Act of 2005 (P.L. 108-447); the current authorization expires on September 30.
The bill would reauthorize the Women’s Business Centers and make permanent the Women’s Business Centers Sustainability Pilot Program through the creation of three-year grants for centers currently receiving funds and four-year grants for new centers. The centers provide long-term training and counseling to existing and potential women business owners, many of whom are socially and economically disadvantaged.
The Program for Investment in Microentrepreneurs (PRIME) would be reauthorized through 2009. PRIME provides federal funds to community-based, regional, and national organizations that offer training and technical assistance to low-income entrepreneurs interested in starting or expanding a small business with five or fewer employees.
The bill also would establish a four-year competitive grant program to provide information and educational materials to small businesses regarding their health insurance options.
The committee approved, by unanimous consent, an amendment by Chair Olympia Snowe (R-ME) that would establish a five-year workforce development grants pilot program to encourage businesses to provide internships for college students majoring in math, technology, engineering, or science. The pilot program would receive $10,000 each year from FY2007-2011.
