Increasing and Developing Entrepreneurship Access Act of 2021 or the IDEA Act of 2021
This bill requires the Minority Business Development Agency (MBDA) to establish a grant program to provide entrepreneurship opportunities for minority businesses.
These grants shall be awarded to business accelerators for providing (1) capital to minority businesses, (2) networking programs that connect such businesses to sources of capital and innovation, and (3) other appropriate assistance.
The MBDA must submit an annual report on the program that includes the number of grants provided, the number of minority businesses that have received assistance from grant recipients, and a description of any noncompliance by grant recipients.
The bill also establishes penalties (a fine or imprisonment) for a grant recipient that knowingly uses award amounts for any purpose not permitted under the program.