No CRS summary available for this bill.
This section reauthorizes the regional innovation program under 15 U.S.C. 3722. It expands regional innovation initiative goals to include increasing access to capital for innovation-based ventures. It revises the definition of venture development organizations to require direct financing to private innovation-centered businesses, commercialization services, and tailored entrepreneurial support. It requires the Secretary to award grants, subject to appropriations, with the federal share capped at 50 percent plus up to an additional 40 percent based on area needs. It mandates outreach to rural communities, trade-impacted areas, persistently distressed regions, and entities collaborating with local workforce boards. It authorizes $50 million annually for FY2026 through FY2030 and permits use of prior unobligated funds. It requires a notice of funding opportunity within 90 days of enactment.