H.R. 2728: Growing Regional Entrepreneurship and Access To Economic Resilience Act

This bill, titled the "Growing Regional Entrepreneurship and Access To Economic Resilience Act" or GREATER Act, aims to enhance rural entrepreneurship and support small businesses in specific regions of the United States, namely the Appalachian and Delta regions. Below are the key components of the bill:

Overview of the Bill

The bill requires several federal agencies, including the Small Business Administration (SBA), the Appalachian Regional Commission (ARC), and the Delta Regional Authority (DRA), to work together to support and expand entrepreneurship in rural areas. Here are the main provisions:

Memorandum of Understanding

• The covered officials (heads of the SBA, ARC, and DRA) must enter into a memorandum of understanding (MOU) or another agreement within 120 days of the bill's enactment.
• They are tasked with coordinating activities to support rural entrepreneurship and small business concerns in the targeted regions.
• The participation of "covered small business concerns"—defined as small businesses located in the Appalachian or Delta regions—is emphasized to ensure their involvement in these activities.

Activities and Collaborations

• The covered officials are permitted to form reimbursable agreements among themselves to enhance the effectiveness of their initiatives.
• Collaboration with other federal agencies is also encouraged to facilitate their efforts to support rural entrepreneurship.

Reporting Requirements

Within two years of the bill's enactment, the covered officials are required to submit a report to Congress detailing:

• The level of coordination among the involved officials.
• Possible opportunities for the ARC, DRA, and SBA to provide additional support to rural entrepreneurs.
• The number of rural entrepreneurs or small businesses that received assistance through their initiatives.
• Areas where future collaboration could further benefit these regions.
• Plans for ongoing coordination on related activities.

Definitions

Several key terms are defined in the bill, including:

• Covered Small Business Concern: A small business located in either the Appalachian or Delta regions.
• Appalachian Regional Commission: A commission established by law to support regional development.
• Delta Region: Defined as per existing federal guidelines relating to rural development.
• Delta Regional Authority: A federal agency established to promote economic development in the Delta region.

Relevant Companies

None found