Washington, D.C.— Today, Rep. Sharice Davids (D-KS), Chairwoman of the Subcommittee on Economic Growth, Tax, and Capital Access, convened a panel of trade experts and small business exporters to discuss how international trade can fuel small business recovery and growth. The hearing focused on the current state of the Small Business Administration’s (SBA) State Trade Enhancement Program (STEP) and... Read more »
American entrepreneurs are nearly always looking to expand their businesses. Whether it’s hiring new workers, offering new products, or opening new locations, small business owners always have an eye on growth. In recent years, increased globalization and digital adoption have led many small businesses to expand their offerings into international markets. Approximately 166,384 small businesses in ... Read more »
The COVID-19 pandemic highlighted long-standing inequities in the small business lending market. In March of 2020, Congress stepped in to support small businesses through the Paycheck Protection Program. Under PPP, banks and other private lenders made fully guaranteed SBA loans to small businesses hurt by the virus. Over the life of the program, PPP delivered over $800 billion in emergency loans. ... Read more »
Washington, D.C.— Today, the House Small Business Committee Subcommittee on Economic Growth, Tax, and Capital Access under Chairwoman Sharice Davids (D-KS) held a hearing examining the role of community lenders in Small Business Administration (SBA) programs and steps Congress can take to increase capital access in underserved markets. “The ability of community lenders to reach underserved busines... Read more »
Small businesses are the backbone of the American economy. They employ nearly half the private workforce, and drive development through groundbreaking innovations. However, for entrepreneurs to positively impact our communities, they must have the capital necessary to start and run their businesses. Congress has long realized that funding on reasonable terms can be hard to come by for small firms.... Read more »
For many years, America's innovative prowess has propelled our nation to become the world's preeminent economic power. Our economic dominance has, in part, been driven by federal investment in research and development. By prioritizing innovation, the federal government has financed inventions and discoveries that have benefited the economy and improved lives across the globe. Innovations has also ... 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 »
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 »
Washington, D.C.— Today, the House Small Business Committee Subcommittee on Economic Growth, Tax, and Capital Access, led by Chairwoman Sharice Davids (D-KS), held a hearing examining the impact of COVID-19 on domestic supply chains and the role of small manufacturers in strengthening them. “Small manufacturers have played a critical role during the pandemic, pivoting quickly to support our commun... Read more »
We are meeting today to conduct an important hearing on the Small Business Administration’s Paycheck Protection Program, or “PPP,” and specifically, a review of the loan forgiveness process.I want to thank each of the witnesses for their testimonies today. Over the past several months, this Committee has held numerous hearings on the PPP, and we’ve heard from borrowers and lenders about the challe... Read more »
