Sen. Gillibrand introduces Early-Stage Business Investment and Incubation Act

Sen. Kirsten Gillibrand has introduced the Early-Stage Business Investment and Incubation Act (S.753), which would authorize the U.S. Economic Development Administration (EDA) for the first time to award operating grants to business incubators on a competitive basis nationwide, up to a maximum of $5 million per program.

Under this bill, EDA grants could be used by incubators to support the costs of providing business counseling, to conduct due diligence on potential tenant/clients/investees, to purchase business and professional/technical services on behalf of tenant/clients, and under the oversight of an investment committee, to make actual investments in early-stage firms.

The bill is part of a package of entrepreneurship initiatives announced by Sen. Gillibrand (see attached press release). 

 

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