Today is a chance for the Committee to hear directly from our fellow Members of Congress about their priorities for supporting programs and policies that promote small business creation and growth. Last year was a pivotal moment across our country and we all experienced – and still are because the pandemic is not over – something unprecedented. Our nation’s entrepreneurs closed more doors in 2020 ... Read more »
Cyber-attacks have the potential to threaten public safety and undermine the American economy and national security. The early months of 2021 provided harsh reminders of this fact. Over the past 6 months, hackers and other malicious actors have held an oil pipeline for ransom, breached the nation’s largest transit network, and attacked private companies to obtain sensitive customer data. According... Read more »
In 2020, COVID-19 widened the digital divide and highlighted the importance of reliable and affordable broadband for American small businesses. Many small businesses shifted operations online to stay connected to their customers as people stayed home to slow the spread of the virus. This digital adaptation proved to be crucial to small business success. According to a survey by the Connected Comme... Read more »
Women are at the center of the American economy. They make up nearly half the workforce and own an estimated 42 percent of all U.S. businesses. Before the pandemic, these women-owned businesses employed 9.4 million workers and generated $1.9 trillion in revenue. Businesses owned by women of color were experiencing exceptional growth. Pre-COVID, firms owned by women of color grew at 43 percent, one... Read more »
Infrastructure helps form the foundation of our nation. Every day, Americans across the country rely on infrastructure to commute to work, access clean water, and communicate with each other. But despite infrastructure’s fundamental importance to our country, it has become an afterthought over the past several decades. The U.S. is the wealthiest country globally but is ranked 13th worldwide when i... Read more »
COVID-19 sparked a once-in-a-lifetime crisis for American small businesses. As cases rose, COVID forced small firms across the country to shut their doors to protect their customers and employees and slow the spread of the virus. By April of 2020, the number of active small business owners had fallen by 22%, the most significant drop on record in our nation’s history. Since this dire situation eme... Read more »
"Administrator Guzman, welcome to the Small Business Committee, and thank you for being here today. First and foremost, I want to commend you for the tremendous work you’ve done for our nation’s small businesses. "And it is important to point out that, you took over the helm of SBA in the midst of an unprecedented crisis for our nation’s small firms. In 2020, COVID-19 closed more businesses than ... Read more »
America’s 30 million small businesses support more than 56 million jobs and account for nearly half of our nation’s GDP. It’s no exaggeration to say that these small firms are the foundation of our economy. But despite the fundamental importance of these enterprises, the road to small business ownership is fraught and paved with obstacles for prospective entrepreneurs. Recognizing the uphill climb... Read more »
Access to capital is the lifeblood of American small business. When small firms obtain adequate funding, they can grow their business, create jobs, and bolster the overall economy. Unfortunately, accessing capital is the single greatest challenge facing most entrepreneurs. This is especially true for underserved groups like women and minorities, who don’t have the same opportunities to access fund... Read more »
During my tenure on this committee, I’ve seen countless examples of how small businesses drive American innovation. Technology has changed rapidly over the years, thanks to pioneering entrepreneurs leading the way. Congress has facilitated this innovation through investments in federally funded research and development, also known as R&D. As a result, federally funded R&D has produced countless in... Read more »
