Congress finds that-
(1) entrepreneurs face specific challenges when transforming ideas into profitable business enterprises;(2) entrepreneurs that want to provide products and services in reservation communities face an additional set of challenges that requires special knowledge;(3) a business incubator is an organization that assists entrepreneurs in navigating obstacles that prevent innovative ideas from becoming viable businesses by providing services that include-(A) workspace and facilities resources;(B) access to capital, business education, and counseling;(C) networking opportunities;(D) mentorship opportunities; and(E) an environment intended to help establish and expand business operations;(4) the business incubator model is suited to accelerating entrepreneurship in reservation communities because the business incubator model promotes collaboration to address shared challenges and provides individually tailored services for the purpose of overcoming obstacles unique to each participating business; and(5) business incubators will stimulate economic development by providing Native entrepreneurs with the tools necessary to grow businesses that offer products and services to reservation communities. Pub. L. 116-174, §2, Oct. 20, 2020, 134 Stat. 839.STATUTORY NOTES AND RELATED SUBSIDIARIES
SHORT TITLE Pub. L. 116-174, §1, Oct. 20, 2020, 134 Stat. 839, provided that: "This Act [enacting this chapter] may be cited as the 'Native American Business Incubators Program Act'."
- business incubator
- The term "business incubator" means an organization that-(A) provides physical workspace and facilities resources to startups and established businesses; and(B) is designed to accelerate the growth and success of businesses through a variety of business support resources and services, including-(i) access to capital, business education, and counseling;(ii) networking opportunities;(iii) mentorship opportunities; and(iv) other services intended to aid in developing a business.
- program
- The term "program" means the program established under section 5803(a) of this title.