H.R. 8416 — Prison to Proprietorship for the Formerly Incarcerated Act

This section establishes a new section 49 of the Small Business Act to require the Service Corps of Retired Executives (SCORE)—volunteer business mentors authorized under SBA section 8(b)(1)—in coordination with the Bureau of Prisons, to provide nationwide entrepreneurship counseling and training to individuals formerly incarcerated in federal prisons (covered individuals). The services, which aim to equip covered individuals with skills to start or expand small businesses (including mentoring, workshops, business planning, capital sourcing, and local resource connections), must include year-long individualized mentoring sessions, assistance with loan applications, and tailored workshops. SCORE must survey covered individuals on service satisfaction, and the SBA Administrator must submit annual reports to the House Committee on Small Business and Senate Committee on Small Business and Entrepreneurship—beginning one year after enactment—detailing mentorship numbers and hours, participant demographics (age, gender, race, ethnicity), survey results, and other performance metrics.