1. Short title This Act may be cited as the Promoting Robust Opportunities for Minority Institutions and Strengthening Entrepreneurship Act or the PROMISE Act . 2. Definitions In this Act— (1) the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; (2) the term historically Black college or university means a part B institution, as defined in section 322 of the Higher Education Act of 1965 ( 20 U.S.C. 1061 ); and (3) the term institution of higher education has the meaning given the term in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 ). 3. Reporting requirements for the Small Business Administration on historically Black colleges or universities (a) Entrepreneurial development programs The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) in section 21 ( 15 U.S.C. 648 ), by adding at the end the following: (o) Report on centers at historically Black colleges and universities (1) Definition In this subsection— (A) the term historically Black college or university means a part B institution, as defined in section 322 of the Higher Education Act of 1965 ( 20 U.S.C. 1061 ); and (B) the term lead small business development center means a small business development center described in section 21 that administers and operates a network of small business development centers. (2) Report The Administrator shall annually prepare a report— (A) which the Administrator shall make publicly available; and (B) that includes— (i) the number of small business development centers and lead small business development centers that are located at historically Black colleges or universities; (ii) the number of women’s business centers and Veteran Business Outreach Centers that have partnerships with historically Black colleges or universities