Today, Tierra Henderson submitted written testimony to the House Committee on Labor and Commerce in support of HB 2332, which would establish a reinsurance program in Virginia. For Tierra, and other self-employed individuals, reinsurance programs help stabilize costs in the individual marketplace. HB 2332 is an important step forward for small businesses.
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.
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.
Today, Phillip "Ace" Jones submitted his support for the Department of Small Business and Supplier Diversity's disparity study. As an African American small business owner, Phillip knows first-hand why it's critical to help illuminate the barriers women- and minority-owned small businesses face in the Commonwealth.
Today, Small Business Majority submitted testimony to the Virginia Department of Small Business and Supplier Diversity who, along with BBC Research and Consulting, are conducting a disparity study in Virginia. A disparity study is an essential first step towards passing policy solutions that would allow more women- and minority-owned small businesses to compete on a level playing field with other businesses.
Today, Small Business Majority shared a letter with Senators Rubio, Cardin, Shaheen and Collins on recommendations for changes for S, 4321, the Continuing Small Business Recovery and Paycheck Protection Program Act. S, 4321 is a starting point in addressing the lack of flexibility that small business owners who participated in PPP are facing. However, the legislation requires critical changes to provide enough comprehensive changes that entrepreneurs need to sustain their businesses.
Small Business Majority submitted written testimony for the record for the House Committee on Financial Service's Subcommittee on Diversity and Inclusion's, "Access Denied: Challenges for Women- and Minority-Owned Businesses Accessing Capital and Financial Services" hearing. The contributions of entrepreneurs of color and women to our local and national economies cannot be overlooked.
Today, Small Business Majority submitted comments to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation regarding proposed rules changes to the Community Reinvestment Act. Some of Small Business Majority's concerns include that these proposed changes would negatively impact underserved entrepreneurs in low and moderate income (LMI) communities and disincentive banks from making qualified smaller-dollar loans that are the lifeblood of small businesses.
As cases of COVID-19 continue to rise throughout the country, so does its impact on our economy. From stock market dips to decreased foot traffic in thriving neighborhoods, it's vital that our federal and state officials enact short and long-term policies that will offset these effects, particularly for our small business community, whose success is critical to our nation's economic health. Focusing on key policy issues will help support America's job creators.
Small business owner Natalie Dubose recounts the night of Nov. 24, 2014, like a scene out of the movie “Independence Day.”
“Every shop in downtown Ferguson leading up to mine and past mine was destroyed. I found furniture from the law firm across the street, that the protestors had used to break the windows,” she said.