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HR 3956 113th Congress House Commerce Business investment and capital Economic development Employment and training programs Government lending and loan guarantees Housing and community development funding Property tax Retail and wholesale trades Small business

Community Investment and Empowerment Act

Introduced: January 28, 2014 Introduced by: Kelly, Robin L. Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 28, 2014
Referred to the House Committee on Small Business.
Jan 28, 2014
Introduced in House
 Plain-English summary Congressional Research Service
Community Investment and Empowerment Act - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to make grants on a competitive basis to communities for:
  • the creation of a grant and/or revolving loan fund program that helps develop financing packages for Class 1 commercial investment (defined as retail grocery chains, food service retailers, restaurants and franchises, retail stores, cafes, shopping malls, and other shops);
  • lowering real estate property tax rates;
  • conducting community-wide market analysis to help recruit and/or retain Class 1 commercial investment;
  • creating employment training programs for Class 1 business customer service, sales, and managerial positions;
  • retail marketing strategies to solicit new Class 1 commercial investment starts in the community;
  • program allowances for activities such as the publication of marketing materials, development of economic development web pages, and educational outreach activities with retail trade associations; and
  • hiring business recruitment specialists.

Authorizes the Administrator to only make such a grant to communities: (1) whose demographics include a median per capita income no higher than $35,000 and a lack of Class 1 commercial investment; (2) that submit an application that describes the activities the community carries out, and the difficulty the community has faced, to recruit, retain and grow their economy through Class 1 commercial investment; and (3) that agree to match 10% of grant funds with certain non-federal contributions. Allows the Administrator to waive or reduce the non-federal contribution if the community involved demonstrates that it cannot meet the contribution requirement due to financial hardship.

What's happening now January 28, 2014

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1