U.S. Sens. Todd Young (R-IN) and Joni Ernst (R-IA) proposed legislation to reauthorize and update the Small Business Administration’s Service Corps of Retired Executives (SCORE) program.
The SBA’s SCORE program, an entrepreneurial development program, has faced challenges in maintaining high performance due to several factors, including resource inefficiencies and lack of outreach efforts to certain populations, the lawmakers said.
The SCORE Act of 2023 would revamp the program in several ways. First, it would change the name of the program, but not the acronym, as it would be called the Supporting Coaching Opportunities for Resilient Entrepreneurs (SCORE). Thus, it would retool mentors as coaches and establish a coaching certification program. This seeks to ensure that all coaches participating in SCORE have an up-to-date knowledge of modern business practices and e-commerce.
“Our bill will bring the SCORE program into the modern era of entrepreneurship, enhancing the essential role of mentorship by revamping it as focused, certified coaching,” Young said. “By ensuring continuous improvements in performance, we can open up new opportunities for rural and urban communities alike, solidifying SCORE’s role as America’s leading incubator for business mentorship and innovation.”
In addition, it would:
• Expand online counseling services, including webinars and online toolkits to support entrepreneurs;
• Ensure coaches and employees undergo annual performance reviews, with action required in the event they fail to meet performance standards;
• Require the current SCORE cooperative agreement to be recompeted every five years to ensure the contract awardee is an organization well equipped to provide fundamental, modern, and relevant business training to individuals in both rural and urban areas;
• Form the National Women’s Business Coaches (NWBC), which would oversee a “Coach-Match Program” to pair individuals with appropriate SCORE coaches through online and in-person events;
• Examine how well SCORE is serving rural communities through a GAO study to identify rural SCORE chapters and to examine the efficacy of performance standards;
• Diversify the SCORE program by recruiting women business leaders to join SCORE as coaches; and
• Sunset the SCORE program four years after enactment, subjecting it to reauthorization thereafter.
“Like many government efforts, SBA’s SCORE mentorship program is a well-intentioned idea with poor payout and performance. Simply put, we need SCORE to do MORE for our female and rural entrepreneurs as they face rising inflation and other challenges in Biden’s economy,” Ernst said. “Revamping this program to be more efficient and effective through improved services will support job growth, boost our local communities, and help more entrepreneurs achieve their dream.”