Access to capital and technical assistance for emerging entrepreneurs

(a) Small Business Administration In addition to other uses of amounts in the Artificial Intelligence Horizon Fund authorized under this Act, and the amendments made by this Act, the Secretary of Labor may transfer such sums as the Artificial Intelligence Advisory Council determines appropriate to allocate from the Artificial Intelligence Horizon Fund to the Administrator of the Small Business Administration to carry out— (1) the Small Business Development Center Program under section 21 of the Small Business Act (15 U.S.C. 648); (2) the Microloan Program under section 7(m) of the Small Business Act (15 U.S.C. 636(m)); (3) the Growth Accelerator Fund Competition of the Small Business Administration; (4) the loan program under section 7(a) of the Small Business Act (15 U.S.C. 636(a)); or (5) the small business investment company program under title III of the Small Business Investment Act of 1958 (15 U.S.C. 681 et seq.). (b) Department of Commerce In addition to other uses of amounts in the Artificial Intelligence Horizon Fund authorized under this Act, and the amendments made by this Act, the Secretary of Labor may transfer such sums as the Artificial Intelligence Advisory Council determines appropriate to allocate from the Artificial Intelligence Horizon Fund to the Secretary of Commerce to carry out— (1) the MBDA Business Center Program established under section 100113 of the Minority Business Development Act of 2021 (15 U.S.C. 9523); or (2) revolving loan funds capitalized with grants awarded under section 209 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3149). (c) Department of the Treasury In addition to other uses of amounts in the Artificial Intelligence Horizon Fund authorized under this Act, and the amendments made by this Act, the Secretary of Labor may transfer such sums as the Artificial Intelligence Advisory Council determines appropriate to allocate from the Artificial Intelligence Horizon Fund to the Secretary of the Treasury to provide assistance under section 108 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4707). (d) Reducing barriers to capital for covered entrepreneurs (1) In general Amounts transferred under subsection (a)(4) may be used to improve the terms on which a covered entrepreneur obtains a loan under section 7(a) of the Small Business Act (15 U.S.C. 636(a)), including by— (A) reducing or waiving a fee otherwise payable by the borrower or the lender; (B) increasing the percentage of the loan that is guaranteed; (C) reducing the interest rate payable on the loan; or (D) offsetting the cost to a lender of making a smaller-dollar loan. (2) Covered entrepreneur defined In this subsection, the term covered entrepreneur means an individual— (A) who owns or controls a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632)); and (B) who— (i) is participating in, or has completed, an Entrepreneurs of the Future Program (as defined in section 3306(t) of the Internal Revenue Code of 1986), as amended by section 401 of this Act; or (ii) demonstrates, in such form and manner as the Administrator of the Small Business Administration may require, that the individual has received entrepreneurial training, counseling, or technical assistance relating to starting, acquiring, or operating a small business concern from a provider of such assistance, including a small business development center, an MBDA Business Center, a community development financial institution, a nonprofit organization, an institution of higher education, or a private entity.