; (4) help address the multi-decade decline in the rate of new business creation; (5) close the gaps that underserved small business concerns often have in terms of revenue and number of employees, which represent lost opportunity for the economy; and (6) encourage collaboration between the Administration and institutions of higher learning that serve low-income and minority communities. (d) 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; (D) include the joint provision of programs and services by the eligible entity and the Administration, which— (i) shall be jointly developed, negotiated, and agreed upon, with full participation of both parties, pursuant to an executed cooperative agreement between the eligible entity and the Administration; and (ii) shall include— (I) 1-to-1 individual counseling as described in section 21(c)(3)(A); and (II) a formal, structured mentorship program; (E) incorporate continuous upgrades and modifications to the services and programs offered under the project, as needed to meet the changing and evolving needs of the business community