1. Short title This Act may be cited as the Emerging Business Encouragement Act of 2023 . 2. Emerging business enterprises (a) Designation Section 3 of the Small Business Act ( 15 U.S.C. 632 ) is amended by adding at the end the following: (gg) Emerging business enterprise (1) In general In this Act, the term emerging business enterprise means a concern designated by the Administrator in accordance with this section. (2) Criteria for designation Not later than 90 days after the date of enactment of this subsection, the Administrator shall establish criteria for designation of a small business concern as an emerging business enterprise which shall include the following: (A) Number of employees That the highest number of employees of the concern during the year preceding the date of application is less than the larger of— (i) 10 percent of the number of employees that a small business concern within that industry category may employ, if that small business concern is so classified by reason of a size standard under subsection (a) pertaining to the number of employees of the concern