SPARK Act to boost small business growth in underserved communities through grants and loans.
The SPARK Act amends the Small Business Act to establish the Spark Financing Program, providing financial assistance to eligible entities for grants and loans to small businesses in underserved communities. The program aims to spur economic growth, create jobs, and increase access to capital. Eligible entities include incubators, accelerators, and other innovation-focused projects. The Small Business Administration (SBA) will prioritize first-time applicants and set criteria for program examinations and annual reporting.
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