On March 16, LaJuanna Russell, founder and president of Business Management Associates, Inc. (BMA) and the Chair of the Board of Directors and a member of the Small Business Council for Small Business Majority, testified before the U.S. Select House Committee on Economic Disparity and Fairness in Growth about the critical role of entrepreneurship as a pathway to long-term financial stability and growth for Americans, as well as to discuss barriers to starting and sustaining small businesses.
In a letter submitted to Chairwoman of the House Committee on Financial Services, Maxine Waters, and Ranking Member Patrick McHenry, Founder and CEO John Arensmeyer urged members to markup H.R. 6054, the Small Business Lending Disclosure Act of 2021 in its current form and pass it out of committee immediately. The bill would protect entrepreneurs from predatory lenders that offer unfair terms and conditions. Additionally, the measure would extend safeguards already required in consumer lending, through the Truth in Lending Act, to small business borrowers.
Last year, the American Rescue Plan provided billions of dollars to state governments to support their communities. After a year, these governments still have an opportunity to support their local small business ecosystem. We offer updated recommendations for strategic investments that can have a transformative impact on the long-term sustainability of a small business ecosystem.
Today, Awesta Sarkash, Government Affairs Director, testified in front of the Maryland Senate Finance Committee in favor of Senate Bill 825, the Consumer Credit- Commercial Financing Transactions. SB 825 would enact critical protections for small business borrowers that are falling prey to predatory lending practices. The bill is applicable to financing products below $2.5 million because smaller, Main Street businesses are the ones being misled by the lack of transparency today.
On March 4, Small Business Majority submitted a letter in support of the Georgia Economic Growth Act to the House Committee on Government Affairs at the Georgia General Assembly. The legislation will establish a State Office of Supplier Diversity, which would help increase supplier diversity in state contracts and expand procurement opportunities targeting minority-owned businesses in Georgia.
Small Business Majority has created a comprehensive state policy agenda to ensure entrepreneurship remains at the center of a thriving and inclusive economy in California. Our state’s 3.9 million small businesses employ seven million people, which amounts to about half of the private workforce, according to the U.S. Small Business Administration.
Small Business Majority writes in strong support of SB 951, which would help more Californian small business owners and employees take paid time off from work to recover from illness, care for their family or bond with a new child without jeopardizing their economic security.
On February 24, Small Business Majority's Colorado Director Lindsey Vigoda testified before the House Business Affairs and Labor Committee on legislation that would allow business owners to file complaints and seek relief related to business identity theft through the Colorado Secretary of State.
On February 24, Small Business Majority's Colorado Director Lindsey Vigoda submitted comments concerning the methodology for calculating premium rate reductions for the Colorado Options' small group market standardardized health benefit plan. We encourage the Colorado Division of Insurance to revise and establish fair rules to better serve the needs of small businesses.
Small Business Majority has created a comprehensive state policy agenda to ensure entrepreneurship is at the center of a thriving and inclusive economy in Georgia. The state’s 1 million small businesses comprise 99.6% of all businesses in the state, and they employ 1.6 million residents—nearly half of all Georgia employees.