Economic Growth for Small Businesses
The Identified Concern:
Small businesses across the country and our district lack the sufficient operating capital that is necessary for combating disruptions and slowdowns, which otherwise could be overcome, but instead oftentimes results in temporary or even permanent closure.
Our Proposed Solutions:
Invest in our small businesses through targeted grants and low-interest loans to provide additional start-up capital, short-term operating capital, and modernization or digitization funds.
Establish Small Business Administration (SBA) offices in rural areas to close the gap in resources between rural and urban communities.
Reduce the wait time and red-tape that currently exists to ultimately make it easier to acquire SBA loans.
Establish a Self-Employment Assistance Fund to help small businesses when burdened by situations, like natural disasters, that are out of our control.
Increase Federal Contracting goals for women-owned small businesses from 5% to 10%, and service-disabled Veteran-owned and economically disadvantaged small businesses from 3% to 5%
How would we pay for this?
Paid for by rerouting and being more intentional with existing SBA funds.