Problem: It is difficult for small businesses in LMI (Low and Moderate Income) and HubZone areas to hire recent college graduates. It is difficult for the recent graduates to afford to work for these businesses, particularly given high student loan payments.
Solution: Provide loan forgiveness for recent graduates who go to work for a small business in an LMI or HubZone area.
Benefit: Reduces loan burden for recent graduates. Attracts high quality, growth-oriented job applicants to LMI and HubZone areas. Provides entrepreneurs in those areas with the talent needed to grow and scale. Brings additional revenue to LMI and HubZone areas.