; (B) a junior or community college, as defined in section 312 of the Higher Education Act of 1965 ( 20 U.S.C. 1058 ); or (C) any nonprofit organization associated with an entity described in subparagraph (A) or (B). (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 18 months after the date of enactment of the COVID–19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020 , 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) Purposes The purposes of the Innovation Centers Program are to— (1) stimulate economic growth in underserved communities by creating good paying jobs and pathways to prosperity, which are especially important in times of economic downturn; (2) increase prospects for success for small business concerns in underserved communities, which often suffer from higher business failure rates than the national average; (3) help create a pipeline for small business concerns in underserved and rural markets into high-growth sectors, where they are generally underrepresented; (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