To fully implement the Initiative to Build Growth Equity Funds for Minority Businesses, and for other purposes.

This bill requires the Minority Business Development Agency to award a grant to fully implement the Initiative to Build Growth Equity Funds for Minority Businesses, which provides equity capital to invest in minority- and women-owned businesses.

Interest earned on grant funds deposited into an interest-bearing account may be obligated and expended to carry out the grant's purposes.

The Government Accountability Office shall carry out a biennial audit of the initiative and issue a report to Congress and the Minority Business Development Agency.