; and (2) by inserting after section 46 the following: 47. Young entrepreneurs business center (a) Establishment There is established within the Administration a young entrepreneurs business center that shall, for purposes of loan cancellation for start-up employees established under subsection (r) of section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e )— (1) certify small business start-ups under subsection (b); (2) identify distressed areas under subsection (c); and (3) approve loan cancellation for founders of small business start-ups in distressed areas under subsection (d). (b) Certification (1) Application To be certified by the young entrepreneurs business center, a small business start-up shall submit an application to the Administrator that includes— (A) a 5-year business plan for such small business start-up; and (B) the number of employees the small business start-up intends to employ on a yearly basis. (2) Requirements The young entrepreneurs business center may not certify a small business start-up unless such small business start-up, on the date the application is submitted under paragraph (1)— (A) has a founder who is a recent graduate of a 4-year institution of higher education; (B) is a start-up for which at least 50 percent of the employees of the start-up are recent graduates of such an institution. (c) Distressed area (1) In general Not less than once every 3 years after the date of the enactment of this section, the young entrepreneurs business center shall identify and make publically available on the website of the Administration a list of distressed areas. (2) Requirements A distressed area identified under paragraph (1) shall be a county or equivalent division of local government of a State in which the small business concern is located that— (A) has, for the most recent 24-month period for which statistics are available— (i) a per capita income of 80 percent or less of the national average; or (ii) an unemployment rate that is 1 percent greater than the national average