Small Business Majority submitted a comment today on the State Small Business Credit Initiative (SSBCI) ahead of a House Committee on Financial Services subcommittee hearing about the program. SSBCI was a critical resource to strengthen state programs that support financing for small businesses across the country.
Access to capital
Nearly a year into the COVID-19
When Dr. Shelley Cooper launched her telehealth consulting business Diversity Telehealth LLC in Kansas City, Mo. in 2015, she knew she’d face an uphill battle due to the nature of her work. “‘What is telehealth, and how does it work?’—Those are the questions I get all the time,” says Dr. Cooper. “But I’m here to tell you about the lifesaving benefits it can provide, and why you should care about it.”
After working for several companies in the public and private sector, David Mercer Louie realized that he would always have little to no control over his own paycheck. “Even if I gave over 100% of my time and effort to these companies, I’d never earn as much as I could if I worked for myself,” says David. In his case, the alternative was more than obvious: Join the family business at the Harry Louie Laundry and Dry Cleaners in Dover, Del.
Veteran entrepreneur Roxanne Huggins has owned the Comstock Premier Lodge in Sargent, Nebraska since 2009. Working with her husband Mitch and one other employee, they have managed to expand their business from a large farm to a year-round bed & breakfast hunting lodge and ranch.
Today, Small Business Majority submitted a letter regarding the Consumer Financial Protection Bureau's proposals under consideration for the implementation of Dodd Frank Section 1071. Successful implementation of Section 2071 would ameliorate the systemic barriers that women business owners and entrepreneurs of color face when attempting to access capital to start, grow and sustain their enterprises.
As the COVID-19 pandemic has raged across the country and resurges in California, small business owners continue grappling with the effects of state and local public health orders and a loss in consumer demand. Nine months into this crisis, California’s small business owners say their businesses have been diminished, leaving them with reduced revenue and operating capacity. They’re making difficult decisions that are impacting the workforce through reduced wages, working hours and employee benefits.
In the nine months following the initial coronavirus outbreak, small business owners across the United States continue to struggle to keep up with the changing demands of the global health crisis. From adapting business plans to launching new business ideas, entrepreneurs have been forced to be quick on their feet—or perish.
Small Business Majority has released its comprehensive state policy agenda to ensure entrepreneurship is at the center of a thriving and inclusive economy in Virginia during and after the COVID-19 pandemic. It’s critical that state lawmakers enact both short- and long-term policies to support and empower these entrepreneurs by guaranteeing that they have access to capital to maintain and pivot their business, affordable and quality healthcare and the tools and benefits they need to sustain themselves now and in the future.
As the owner of a catering company, Nicole Jordan has seen an extreme decline in contracts and income since the start of the COVID-19 pandemic. Fortunately for this Illinois-based small business owner, as a former banker she is well connected to the financial resources in her community.