SBC Explores the Economic Impact on Minority-Owned Small Businesses
WASHINGTON – Today, the House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing to examine how the recent economic expansion is affecting minority-owned small businesses. The hearing focused on how regulatory and tax changes have renewed small business optimism and benefited small business owners.
“This morning we had an excellent panel to discuss how the recent surge in economic growth, and the policies enacted this Congress, have impacted minority-owned small businesses. By hearing their stories, we hope to further understand how Congress can continue to promote pro-growth policies to help small businesses of all industries and backgrounds. Minority-owned small businesses are growing faster than the national average, and their impact will continue to grow even greater in the years to come,” said Subcommittee Chairman Dave Brat (R-VA).
Entrepreneurs Experiences in Economic Growth
“Small business owner takes risks unlike almost any other component of our economy,” said Mansour Azimipour, Founder and President of A&K Development Corp. “In Orange County, Virginia where I am a business owner, we have about 900 employers. Over 90% of them employ less than 20 people. But that represents nearly 30% of the entire workforce. At the local level, the financial stability of community and sensitivity to the impact of rules and regulations are helping create an environment that encourages investments by small business owners. In the last 24 months, we have 85 new starts up companies.”
“Today’s hearing is focused on the local impact of public policies made in Washington,” said Brenda Jones Barwick, President and CEO of Jones Public Relations, Inc. “It is my experience that it makes all the difference in the world. Tax policy, for example, affects every business in America. Recognizing small businesses as entities that need different rules and regulations than large companies is key to our success. My company is organized as an S Corp and I have recognized a substantial benefit in the new lower tax rate. This change has allowed me to pay bonuses, hire more personnel and increase salaries up to 10% for all employees.”
“While it has been challenging recently to find qualified labor to hire and provide to clients, Green JobWorks is being proactive and setting ourselves apart as an industry leader by developing a process to attract workers in a competitive market,” said Larry Lopez, President of Green JobWorks LLC. “This process and my company’s recent growth are in large part attributable to the impact of policies such as H.R. 1, the Tax Cuts and Jobs Act.”