; (6) the term Program means the Next Generation Entrepreneurship Corps Program established under subsection (b); (7) the term qualified investor means a person that— (A) invests equity in a small business concern owned and operated by a fellow under the Program; and (B) has not more than $250,000,000 in assets; (8) the term SCORE means the Service Corps of Retired Executives established under section 8(b)(1)(B); (9) the term State means any State of the United States, the District of Columbia, and any territory of the United States; (10) the term veteran business outreach center means a veteran business outreach center described in section 32; and (11) the term women's business center means a women's business center operating pursuant to section 29. (b) Establishment (1) In general There is established within the Administration an independent fellowship pilot program to be known as the Next Generation Entrepreneurship Corps Program to foster entrepreneurship in the most distressed regions of the United States, including distressed regions affected by the COVID–19 pandemic. (2) Administration The Program shall be administered by the Office of Entrepreneurial Development of the Administration. (3) Authorization (A) In general Under the Program, there shall be 1 group of fellows selected each year for 5 years of the Program, with each group serving for a 2-year period. (B) Reports Not later than 1 year after the second group of fellows is selected under the Program, and every 2 years thereafter, the Committee shall submit to Congress an evaluation of the Program, along with any recommendations and options to expand the Program and make the Program permanent. (4) Third-party contracts (A) In general The Office of Entrepreneurial Development of the Administration may contract with third-party nonprofit organizations that— (i) do or plan to do service work to execute the Program