H.R. 9880 (IH) – Entrepreneurship Corps for National Service Act
Summary
The Entrepreneurship Corps for National Service Act proposes to establish a new national service program that would pair entrepreneurs with nonprofit organizations and local governments to provide business development and support services to low-income communities. The program aims to stimulate economic growth, create jobs, and reduce poverty.
Key Provisions
- Establishment of the Entrepreneurship Corps: The bill would create a new national service program within the Corporation for National and Community Service (CNCS) called the Entrepreneurship Corps.
- Eligibility: Individuals aged 18-25 who are enrolled in a higher education institution or have a high school diploma would be eligible to serve.
- Service: Corps members would serve for 10-12 months full-time or 20-24 months part-time. They would be placed with nonprofit organizations or local governments that are working to address poverty and economic inequality.
- Activities: Corps members would provide business development services, such as mentorship, technical assistance, and access to capital, to low-income entrepreneurs and small businesses.
- Compensation: Corps members would receive a living allowance, health insurance, and student loan forbearance during their service.
- Evaluation: The bill requires regular evaluations of the program’s effectiveness and impact on economic development and poverty reduction.
Benefits of the Program
- Economic growth: The program is expected to create jobs and stimulate economic growth in low-income communities by providing support to small businesses and entrepreneurs.
- Reduced poverty: By helping entrepreneurs succeed, the program aims to create economic opportunities for individuals and families in low-income areas.
- Skill development: Corps members would gain valuable business and leadership skills through their service, which would benefit them in their future careers.
- Community impact: The program would strengthen the capacity of nonprofit organizations and local governments to provide economic development services to low-income communities.
Support and Opposition
The bill has received support from a coalition of organizations representing entrepreneurs, small businesses, and anti-poverty advocates. It has also been endorsed by the Biden-Harris administration.
Opponents of the bill argue that it is too expensive and that there are more effective ways to address poverty and economic inequality. They also express concerns about the potential for government interference in the private sector.
Current Status
H.R. 9880 was introduced in the House of Representatives on April 28, 2022. It has been referred to the House Committee on Education and Labor, where it is currently under consideration.
H.R. 9880 (IH) – Entrepreneurship Corps for National Service Act
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