TEAM Act of 2012

The Small Business Act (15 U.S.C. 631 et seq.) is amended—

(1) by redesignating section 45 (15 U.S.C. 631 note) as section 46; and

(2) by inserting after section 44 (15 U.S.C. 657q) the following:

There is in the Administration an Office of Entrepreneurial Support, which shall develop and provide innovative entrepreneurial information, education, and resources, to promote prospective entrepreneurs and successful small business concerns.

The head of the Office of Entrepreneurial Support is the Director of the Office of Entrepreneurial Support, who shall report to the Associate Administrator for Entrepreneurial Development.

The Director of the Office of Entrepreneurial Support shall—

(A) manage the online courses, online publications, and other online resources provided by the Administration to entrepreneurs and small business concerns;

(B) manage the youth entrepreneurship programs of the Administration, including—

(i) online resources for youth entrepreneurs; and

(ii) coordination and outreach with entrepreneurial development service providers that provide counseling and training to youth entrepreneurs desiring to start or expand small business concerns;

(C) coordinate with nonprofit and other private sector partners to share educational materials on money management and financial literacy for entrepreneurs and small business concerns; and

(D) provide assistance and courtesy services to individuals and foreign dignitaries visiting the United States who are interested in issues relating to entrepreneurs and small business concerns.

Not later than 1 year after the date of enactment of the TEAM Act of 2012, the Associate Administrator for Entrepreneurial Development (referred to in this subsection as the Associate Administrator) shall establish a program under which the Associate Administrator may make grants to nonprofit organizations, including small business development centers, women’s business centers, chapters of the Service Corps of Retired Executives, and other resource partners of the Administration, local government entities, and appropriate private sector organizations or entities to provide technical assistance for the development and implementation of curricula and mentoring programs designed to promote entrepreneurship.

An entity desiring a grant under this subsection shall submit to the Associate Administrator an application that contains—

(A) a description of the goals of the project to be funded using the grant;

(B) a list of any partners that plan to participate in the project to be funded using the grant; and

(C) any other information that the Associate Administrator determines is necessary.

Not later than 1 year after the date on which an entity receives a grant under this subsection, the entity shall submit to the Associate Administrator a report that describes—

(A) the individuals assisted using the grant;

(B) the number of jobs created or saved through the use of the grant; and

(C) any other information concerning the use of the grant that the Associate Administrator may require.

There are authorized to be appropriated to carry out this subsection—

(A) $1,000,000 for fiscal year 2013;

(B) $2,000,000 for fiscal year 2014; and

(C) $3,000,000 for fiscal year 2015.

Not later than 180 days after the date of enactment of this Act, the Director of the Office of Entrepreneurial Support shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report that describes best practices of entrepreneurial education and training programs throughout the United States.

The report submitted under paragraph (1) shall include—

(A) a description of any programs that the Director of the Office of Entrepreneurial Support determines are exemplary, including national programs, regional programs, State programs, and local programs; and

(B) a summary of entrepreneurial education and training programs carried out by—

(i) the Federal Government;

(ii) State and local governments; and

(iii) nonprofit organizations and private sector groups.

In this subsection—

(A) the term eligible small business concern means a small business concern that—

(i) has been in business for at least 2 years;

(ii) has at least 1 employee;

(iii) demonstrates growth potential, including the ability to create jobs; and

(iv) has an owner or operator that participates in the day-to-day executive-level management of the small business concern; and

(B) the term Emerging Leaders Program means the Emerging Leaders Program established under paragraph (2)(A).

Not later than 1 year after the date of enactment of the TEAM Act of 2012, the Administrator shall establish an Emerging Leaders Program to provide specialized training and executive-level mentoring to eligible small business concerns.

The Emerging Leaders Program shall provide educational and technical assistance to eligible small business concerns focusing on the next level of growth, leadership, and operational strategies, including the development of a strategic plan.

In order to carry out the Emerging Leaders Program, the Administrator may enter into contracts or cooperative agreements with, or make grants to, a national service provider.

To encourage community support and engagement, the Administrator may enter into memoranda of understanding with for-profit, nonprofit and government entities to jointly support and deliver localized training and provide executive-level mentoring under the Emerging Leaders Program. A memorandum of understanding entered into with an entity under this paragraph shall not be construed to constitute or imply an endorsement by the Administration of any product or service of the entity.

The Administrator shall place special emphasis on recruiting eligible small business concerns in emerging, underserved, rural, and urban markets.

There is authorized to be appropriated to the Administration to carry out the Emerging Leaders Program $2,000,000 for each of fiscal years 2013 through 2015.

To demonstrate program impact, the Administrator shall develop performance measures for the Emerging Leaders Program established under section 8(o) of the Small Business Act, as added by this Act, and the Entrepreneurial Support Program established under section 45(b) of the Small Business Act, as added by this Act.

The Administrator shall collect and post information relating to the Emerging Leaders Program and the Entrepreneurial Support Program on the website of the Administration, including—

(1) the number of small business concerns participating in the Emerging Leaders Program and the number of grant applicants and grant recipients under the Entrepreneurial Support Program;

(2) the race, ethnicity, and gender of individuals participating in the Entrepreneurial Support Program, and the location of their business headquarters and regions of operation;

(3) demographic and statistical information relating to small business concerns and individuals that participated in the Emerging Leaders Program or the Entrepreneurial Support Program, during the 5-year period following their participation in the program;

(4) the annual revenues of each participating small business concern;

(5) the annual number of jobs created or retained by each participating small business concern;

(6) the amount of new financing obtained by each participating small business concern;

(7) the amount of new contracts obtained by each participating small business concern; and

(8) the amount of Federal tax paid by each participating small business concern.

Not later than 2 years after the date on which the Administrator establishes the Emerging Leaders Program, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report that contains a comprehensive analysis of the economic impact of the Emerging Leaders Program and the Entrepreneurial Support Program, including the information required to be collected and posted under subsection (b).