Articles

A new bill being sent to Congress aims to further help small businesses that have suffered due to the COVID-19 pandemic by focusing on long-term goals.

The Next Generation Entrepreneur Corps Act, if passed, would set up a mentor-mentee program between a small business and either an investor or a successful entrepreneur. The program is set at a 5-year minimum with new groups of businesses being chosen every year.

Polly Creech, owner of Hyacinth Bean Florist in Athens, said she has not heard much of this bill until recently, but believes it could be very helpful to small businesses like hers.

“If there are restrictions to how business owners can use the grant money provided from the bill, that would be interesting to analyze as a businesswoman,” Creech said. 

The bill includes a $120,000 stipend given to 320 selected small businesses that have completed the application process and been accepted for the program. The application includes what the small business plans to do under the program, why the small business is necessary to the community and how they plan to keep long-term growth at a positive rate. 

Creech said it would be helpful if the mentor position was filled with someone who had specific knowledge of her small business, rather than a broad term investor. 

“A florist that has been in business for a while and was very successful could help me with, for example, an employee training program. That would be very helpful for my business specifically,” Creech said.

This bill, co-sponsored by Rep. Troy Balderson of Ohio’s 12th District, has been in the works since before the pandemic, but was just recently sent to Congress on Dec. 3, 2020. 

“We were able to have meetings, and speak to small businesses before the crisis,” Balderson said.

One of Creech’s main concerns about the bill was the application process and how it would be publicized. 

The bill has a “preference” section that includes what the program is looking for, but not exclusive of, other business owners. This preference section includes minority, woman, and veteran-owned small businesses; businesses in distressed regions; and businesses that have had a clear decrease in revenue. 

Balderson said there will be no quota for this preference section as well. He said he knows it is a big commitment to start a small business, and that he wants to help as many next generation business owners as possible under this program.

One of Balderson’s main goals for the bill is to have as few bumps in the creation process as possible. He has been a large proponent of giving people the access and direction they need within the bill to start and keep a successful business.

“We need more people to work and the more programs that we can make that are efficient and functional can give more people the ability to start a next generation business,” he said.