1. Short title This Act may be cited as the Prison to Proprietorship for Formerly Incarcerated Act . 2. Re-Entry entrepreneurship counseling and training for formerly incarcerated individuals The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) by redesignating section 49 as section 50; and (2) by inserting after section 48 the following new section: 49. Re-entry entrepreneurship counseling and training for formerly incarcerated individuals (a) Services required The Administrator, in coordination with the Director of the Bureau of Prisons, shall require the Service Corps of Retired Executives to provide entrepreneurship counseling and training services to individuals formerly incarcerated in a Federal prison (hereinafter referred to as covered individuals ) on a nationwide basis. (b) Goals The goal of the services provided under this section is to provide covered individuals with the following: (1) Mentoring, workshops, and instructional videos designed specifically for covered individuals on how to start or expand a small business concern. (2) Tools, skills, and knowledge necessary to identify a business opportunity, including how to— (A) draft a skills profile, business plan, and transition plan; (B) identify sources of capital; and (C) connect with local resources for small business concerns. (c) Additional requirements The services provided under this section shall include— (1) regular individualized mentoring sessions, to take place over the course of a year, to support development of the business plans of covered individuals and the growth of covered individuals as entrepreneurs; (2) assistance with identifying of local resources for small business concerns for covered individuals; (3) assistance with identifying sources of capital, and when appropriate, assistance with preparing applications for loans and other funding opportunities