# Understanding the Minority Entrepreneurship Grant Program Act of 2022

This bill creates a new federal grant program designed to help minority students start and grow their own businesses. The Small Business Administration would distribute grants of at least $250,000 each to colleges and universities that primarily serve minority students—including historically Black colleges, Hispanic-serving institutions, tribal colleges, and similar schools. These grants would fund new or expanded programs that teach entrepreneurship and provide practical business support to student entrepreneurs from these institutions.

The money would go toward providing free services that student entrepreneurs need to launch or expand their businesses, such as legal advice, accounting help, marketing guidance, and technical training. Schools could also use the funds to help students access capital and cover the costs of starting a new business. The bill sets aside $50 million per year for six years (2023 through 2028) to run this program, which means potentially dozens of schools could receive grants if the program is fully funded.

Schools that receive grants would need to report back to the Small Business Administration about their results—specifically, how many student entrepreneurs they helped, how many new businesses were actually created, and details about who participated in the programs. The government would then compile this information into annual reports to Congress so lawmakers can see whether the program is working. Additionally, the bill creates an advisory board made up of representatives from major organizations serving minority students and colleges, tasked with recommending ways these institutions can better support minority-owned businesses. This board would submit its recommendations to Congress within 18 months and then dissolve.

Minority Entrepreneurship Grant Program Act of 2022

Minority Entrepreneurship Grant Program Act of 2022 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.