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119-s-5631119th CongressWALLET

SOAR Act

Sponsored By: Senator Booker, Cory A. [D-NJ]

Introduced

Summary

Creates a nationwide Growth Accelerator Fund Competition to give federal grants to growth accelerators that support new small businesses. This bill would set up an SBA‑administered competition to fund programs that help startups in their first five years and boost local entrepreneurial ecosystems.

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  • Growth accelerators and new small business concerns (NSBCs): Grant winners would be required to assist at least 10 NSBCs per year and grants must be at least $1 million. Funds may be used for capacity building like construction, space, and program costs but may not be used to provide capital directly to startups.
  • Underserved communities and equity priorities: At least 50% of funds each fiscal year must go to accelerators in designated geographic areas or those serving majority‑owned businesses by socially or economically disadvantaged owners, women, Native Americans, veterans, formerly incarcerated people, or individuals with disabilities.
  • Administration, oversight, and coordination: The SBA would run a streamlined application that prioritizes results and innovation, require annual reporting on participation and capital raised, coordinate with SBA resources and Veterans Affairs outreach, and publish awardees online.

*If enacted, it would authorize $80 million per year from 2027 through 2036, totaling $800 million in authorized federal funding for the program.*

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Bill Overview

Analyzed Economic Effects

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

New grants for startup accelerators

If enacted, the SBA would start a Growth Accelerator Fund Competition within one year. Eligible accelerators in the U.S. and territories would be able to receive grants of at least $1 million. Congress would authorize $80 million each year from 2027 through 2036 for the program. Applicants would need to plan to help at least 10 new small businesses per year, and a new small business would be one in operation five years or less. Grants could pay for construction, space, and program activities, but could not be used to give capital directly to businesses or through subgrants. At least half of yearly grant money would go to accelerators in certain geographic areas or serving a majority of businesses owned by specified disadvantaged groups; recipients would file annual progress reports and the SBA would publish a list of winners and report to Congress.

Sponsors & CoSponsors

Sponsor

Booker, Cory A. [D-NJ]

NJ • D

Cosponsors

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 9/30/2026

  • Sen. Hirono, Mazie K. [D-HI]

    HI • D

    Sponsored 9/30/2026

  • Sen. Blunt Rochester, Lisa [D-DE]

    DE • D

    Sponsored 9/30/2026

Roll Call Votes

No roll call votes available for this bill.

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