; or (B) a junior or community college, as defined in section 312 of the Higher Education Act of 1965 ( 20 U.S.C. 1058 ). (7) Rural area The term rural area has the meaning given that term in section 7(m)(11). (8) Socially and economically disadvantaged individuals The term socially and economically disadvantaged individual means a socially and economically disadvantaged individual within the meaning given that term under section 8(d)(3)(C). (b) Establishment Not later than 1 year after the date of enactment of the Ushering Progress by Leveraging Innovation and Future Technology Act of 2019 , the Administrator shall develop and begin implementing a program (to be known as the Innovation Centers Program ) to enter into cooperative agreements with eligible entities under this section. (c) Authority (1) In general The Administrator may— (A) enter into cooperative agreements to provide financial assistance to eligible entities to conduct 5-year projects for the benefit of startup, newly established, or growing small business concerns; and (B) renew a cooperative agreement entered into under this section for additional 3-year periods, in accordance with paragraph (3). (2) Project requirements A project conducted under a cooperative agreement under this section shall— (A) include operating as an accelerator, an incubator, or any other small business innovation-focused project as the Administrator approves; (B) be carried out in such locations as to provide maximum accessibility and benefits to the small business concerns that the project is intended to serve; (C) have a full-time staff, including a full-time director who shall— (i) have the authority to make expenditures under the budget of the project; and (ii) manage the activities carried out under the project