SPARK Act

The SPARK Act establishes the Spark Program to support underserved small businesses by providing grants to eligible organizations like incubators, accelerators, and community development financial institutions. It directly affects minority-owned businesses (which face twice the denial rate for financing), women-owned businesses, rural businesses, and businesses in economically distressed areas by offering free mentorship, counseling, and access to capital. The program requires participating organizations to provide 5-year services with no fees for businesses and track metrics including jobs created, capital accessed, and business growth. It also creates a Spark Financing Program that provides grants up to $20,000 and low-interest loans to covered small businesses. Annual reports will track outcomes including demographic breakdowns of participants and business retention rates.