{"database": "press", "table": "releases", "rows": [["https://www.booker.senate.gov/news/press/booker-hirono-blunt-rochester-and-fitzpatrick-reintroduce-bill-to-boost-small-business-growth-in-rural-low-income-and-underserved-areas", "Booker, Hirono, Blunt Rochester, and Fitzpatrick Reintroduce Bill to Boost Small Business Growth in Rural, Low-Income, and Underserved Areas", "2021-08-06", "2021", "2021-08", "Democrat", "Senate", "NJ", "Cory A. Booker", "B001288", "www.booker.senate.gov", "booker", "https://www.booker.senate.gov/news/press", "scraper", "WASHINGTON, D.C. \u2014 U.S. Senators Cory Booker (D-NJ), a member of the Senate Committee on Small Business and Entrepreneurship, and Mazie Hirono (D-HI) today reintroduced legislation that invests in startup accelerators and incubators in new and underserved areas. Research indicates that just three geographic clusters \u2014 the San Francisco Bay area, the Boston-Washington corridor, and Southern California\u2014account for 77 percent of venture capital funding in the United States, driving small business job growth to thrive in these areas and leaving rural, low-income, and other underserved areas behind. Companion legislation was introduced in the House by U.S. Representatives Lisa Blunt Rochester (D-DE, At-Large) and Brian Fitzpatrick (R-PA-1).\n\nIncubation and accelerator programs, which provide entrepreneurs with essential services such as experienced leadership, office space, access to financing opportunities, and structured mentorship for certain periods of time, are critical elements of innovation ecosystems where successful startups can flourish. According to research conducted at MIT, areas in which an accelerator opens see a 97 percent increase in the number of distinct venture capital investors compared to similar areas without an accelerator.\n\n\u201cWhen we fail to get entrepreneurs the resources they need to scale their businesses, regardless of their zip code or wealth, we leave some of the best ideas and innovations on the sidelines,\u201d said Sen. Booker. \u201cTo aid in our country\u2019s long term economic recovery, our bill will make robust investments to help fund new startup programs in low-income and underserved areas, providing more entrepreneurs with the support they need to launch their businesses and create jobs.\u201d\n\n\u201cEvery day across our country, small businesses and entrepreneurs drive innovation and growth, and create jobs,\u201d Senator Hirono said. \u201cThe SOAR Act is a critical opportunity to provide more businesses and entrepreneurs with the resources they need to succeed\u2014regardless of where they may be located. Passing this legislation would help as we continue to focus on our economic recovery from the pandemic.\u201d\n\n\u201cOur economy is driven by the entrepreneurs and small businesses who are investing in innovation for the future,\u201d Blunt Rochester said. \u201cBy investing in programs like SOAR, we can drive economic growth in underserved areas and further empower entrepreneurs, including women, minorities, veterans, and individuals with disabilities. I\u2019m thrilled to be introducing this bill with Senator Booker and Congressman Fitzpatrick and I\u2019m hopeful that together, we can shepherd this bill to passage.\u201d\n\n\u201cWe know growth accelerators work at stimulating investment and job creation but too often those gains are concentrated and leave American workers and entrepreneurs in underserved areas behind,\u201d said Fitzpatrick. \u201cWorking with Congresswoman Blunt Rochester, we\u2019ve come up with a measure to support growth in underserved communities \u2013 wherever they are \u2013 by empowering entrepreneurs with essential services like experienced leadership, office space, access to financing opportunities, and structured mentorship. Together we can plant the seeds of nationwide growth.\u201d\n\nThe SOAR Act builds on a U.S. Small Business Administration (SBA) Growth Accelerator Fund competition, in which accelerators and other entrepreneurial ecosystems compete for funding to expand their reach to engage more startups and new communities.\n\nBy broadening the tech ecosystems, the SOAR Act would unleash economic opportunities in low-income and rural communities and empower underserved entrepreneurs, including women, minorities, veterans, and individuals with disabilities.\n\nSpecifically the SOAR ACT would build on the SBA\u2019s work with the Growth Accelerator Fund and authorize $80 million in funding each year for 10 years, providing:\n\nFunding offered through a competitive grant program for organizations supporting early-stage startups including new and existing accelerator programs, incubators, and universities\n\nA targeted focus on encouraging growth accelerators that address key geographic and demographic gaps, including women, veterans, minority-entrepreneurs, individuals with disabilities, and rural communities\n\nIncreased funding, which will allow the SBA to continue to expand the strength of growth accelerators across the country\n\nOversight and transparency of the program\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:11:17Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.booker.senate.gov/news/press/booker-hirono-blunt-rochester-and-fitzpatrick-reintroduce-bill-to-boost-small-business-growth-in-rural-low-income-and-underserved-areas"], "units": {}, "query_ms": 2.2448748350143433, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}