1. Short title This Act may be cited as the Accelerating Small Business Growth Act . 2. Accelerating business growth program (a) Establishment The Secretary of Transportation shall establish a competitive grant program to provide financial assistance to eligible entities to establish and carry out innovative programs so that business concerns owned and controlled by socially and economically disadvantaged individuals may achieve proficiency to compete, on an equal basis, for contracts and subcontracts in projects carried out with financial assistance from the Secretary. (b) Eligible entities An entity eligible to receive financial assistance under this section is— (1) a State or territory of the United States; (2) a political subdivision of a State or local government; (3) a Tribal government; (4) a special purpose district or public authority with a transit or aviation function; (5) a port authority; (6) a metropolitan planning organization; or (7) a group of entities described in paragraphs (1) through (6). (c) Applications To be eligible to participate in the program under this section, an eligible entity shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (d) Partnerships In carrying out activities with a grant under this section, an eligible entity may partner with— (1) 1 or more nonprofit organizations; or (2) 1 or more institutions of higher education. (e) Required report (1) In general Not later than 2 years after an eligible entity is awarded a grant under this section, the eligible entity shall submit to the Secretary a report that includes— (A) a description of the activities carried out with the grant