The Entrepreneurship and Reentry Initiative Act of 2023

Direct Link to Bill
   Sponsored by Sen. John Cornyn (R-TX)
   Introduced in the Senate on November 15, 2023

Section 1. Short title

The short title of this Act is the "Entrepreneurship and Reentry Initiative Act of 2023".

SEC. 2. Findings

• (1) The United States has a significant population of individuals who have been incarcerated;
• (2) A majority of such individuals are unable to secure employment after their release from incarceration due to limited job prospects, lack of education and training, and barriers to accessing capital and other resources;
• (3) The entrepreneurship of these individuals has the potential to create jobs, stimulate local economies, and contribute to the nation's economic growth;

SEC. 3. Reentry Program(a) In general.—The Secretary shall establish a program to provide reentry services to individuals who have been incarcerated in Federal prisons and are participating in a program under section 7(m)(5)(A).
(b) Eligibility.—An individual is eligible for the Program if— (1) the individual has been released from a Federal prison; and
(2) the individual meets the requirements of section 7(m)(3).

SEC. 4. Entrepreneurial Training(a) In general.—The Secretary shall provide entrepreneurial training to participants in the Program. The training shall include— (1) business planning; and
(2) financial literacy.

SEC. 5. Business Incubators

(a) Establishment of incubator program.—The Secretary shall establish a program to provide training, technical assistance, and other support services to participants in the Program who wish to start a business. The program shall be designed to foster entrepreneurship among individuals who have been incarcerated. The Secretary shall use funds made available under section 7(m)(8) for this purpose.
(b) Business incubator requirements.—The program established under subsection (a) shall meet the following requirements:

• (1) The program shall provide training, technical assistance, and other support services to participants in the Program who wish to start a business.;
• (2) The program shall be designed to foster entrepreneurship among individuals who have been incarcerated.

SEC. 6. Mentoring(a) Establishment of mentoring program.—The Secretary shall establish a program to provide mentoring services to participants in the Program. The program shall be designed to— (1) match participants with experienced entrepreneurs; and
(2) provide ongoing support and guidance throughout the entrepreneurial venture.

SEC. 7. Financial Assistance

(a) Microloan program.—The Secretary shall establish a microloan program to provide financial assistance to participants in the Program who wish to start a business. The program shall be designed to

• (1) provide loans of $50,000 or less; and
• (2) have an interest rate not to exceed 18 percent.

SEC. 8. Grants

(a) In general.—The Secretary shall award grants to nonprofit organizations, community-based organizations, and other entities that provide reentry services to individuals who have been incarcerated in Federal prisons. The grants shall be used to

• (1) support the provision of reentry services; or
• (2) establish new programs to promote entrepreneurship among individuals who have been incarcerated.

SEC. 9. Entrepreneurship and Reentry Initiative Fund(a) Establishment of fund.—There is established in the Treasury a fund to be known as the "Entrepreneurship and Reentry Initiative Fund".
(b) Deposits into fund.—There shall be deposited in the Fund such amounts as may be made available pursuant to section 7(m)(11).

SEC. 10. Authorization of Appropriations

(a) Authorization of appropriations.—There is authorized to be appropriated for fiscal year 2024, and each subsequent fiscal year, $100,000,000 for the Entrepreneurship and Reentry Initiative Act of 2023.
(b) Use of appropriation.—The amount made available in subsection (a) shall be used to carry out this Act.

SEC. 11. Effective date

This title shall take effect on the first day after the date of enactment of this Act, except as otherwise provided in this title or in any other Act making appropriations for fiscal year 2024 and subsequent fiscal years that includes this title.