CREATE Act of 2024

Section 7(m)(6) of the Small Business Act (15 U.S.C. 636(m)(6)) is amended by adding at the end the following:

The Administration, in consultation with eligible intermediaries, shall develop loan criteria to ensure that small business concerns owned and controlled by artists and small business concerns that support the creative economy receive loan proceeds under this subsection.

Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:

In providing assistance under this subsection, the Administration shall develop procedures to evaluate the business proposals and business plans of non-employer businesses, microenterprises, and small business concerns that focus on economic development, job creation, and community growth with respect to the creative economy.

Section 21 of the Small Business Act (15 U.S.C. 648) is amended by adding at the end the following:

The Administration, in consultation with relevant stakeholders, shall develop technical assistance programs to be carried out by small business development centers under this subsection that target the specific needs of artists and arts entrepreneurs.

Title II of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3141 et seq.) is amended by adding at the end the following:

In this section:

The term business incubation program means a program that—

(A) accelerates the successful development of entrepreneurial businesses through business support resources and services, developed or orchestrated by incubator management;

(B) is designed to produce successful businesses; and

(C) provides management guidance, technical assistance, and consulting designed for young, growing businesses, including by providing—

(i) rental space and flexible leases;

(ii) shared basic business services and equipment;

(iii) technology support services; and

(iv) assistance in obtaining financing necessary for growth of the business.

The term incubator means a multitenant facility with on-site management that directs a business incubation program.

In providing grants and assistance under this Act (including through the local technical assistance, partnership planning, and comprehensive economic development strategies programs of the Economic Development Administration), the Secretary shall provide to State, regional, and local arts agencies, artists, and creative workers support through traditional economic development tools, including—

(1) incubators; and

(2) economic development planning and technical assistance, including assistance for State, regional, and local arts agencies in work related to comprehensive economic development strategies.