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119-s-3876119th CongressWALLET

SPARK Act

Sponsored By: Senator Markey, Edward J. [D-MA]

Introduced

Summary

Would create a new SBA program to seed local, place-based entrepreneurship hubs. These hubs would pair hands-on counseling and structured mentorship with targeted financing to help startups and growing small businesses in underserved places.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

New grants and loans for small businesses

This bill would create a Spark Financing Program within one year to give grants and loans to small businesses through covered entities. Covered entities with a SPARK cooperative agreement could get up to $1,000,000 per year. Covered entities without an agreement could get up to $500,000 per year and would need to reapply each year. Covered small businesses could receive grants up to $20,000 total and could get lower-cost loans to reduce collateral and interest barriers. Recipients could not be charged fees by the covered entity. The program would cap administrative costs at 10% of funds and require SBA examinations and an annual report to Congress.

Five-year local business support projects

This bill would create the SPARK Program within one year to fund local, place-based projects for five years. Projects could be renewed for additional three-year terms. Projects would need full-time staff and a director, be sited to be accessible, and provide one-to-one counseling plus a formal mentorship program. Training and technical assistance at the start would be low or no cost to participants. Projects could not charge fees for covered services and could not use cooperative agreement funds to give direct capital to participants. The SBA would do annual programmatic and financial exams and must give written reasons and a hearing before ending an agreement.

New SBA rules and fraud clawbacks

This bill would require the SBA to issue rules within one year to verify correct use of Spark program money and to set clawback rules for fraud. The SBA would also study within two years whether examination and reporting rules should vary by project type or location and would send that report to Congress. These rules would strengthen oversight but would also add documentation and compliance requirements for covered entities and recipients.

Sponsors & CoSponsors

Sponsor

Markey, Edward J. [D-MA]

MA • D

Cosponsors

  • Sen. Hirono, Mazie K. [D-HI]

    HI • D

    Sponsored 2/12/2026

  • Sen. Booker, Cory A. [D-NJ]

    NJ • D

    Sponsored 2/12/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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