Small Business Majority Welcomes New Legislation to Modernize the U.S. Small Business Administration

"We are happy to support the ‘Small Business Administration Reauthorization and Modernization Act of 2022,’ new legislation introduced by the U.S. Senate Committee on Small Business & Entrepreneurship to reauthorize and improve the U.S. Small Business Administration (SBA), including programs that support access to business assistance, capital and procurement opportunities for our nation’s diverse entrepreneurs.

This legislation includes investments in programs essential to the ongoing development of small businesses in underserved communities. For example, for more than 45 years, Small Business Development Centers (SBDCs) have been the administrators of vital programs necessary for the equitable growth of our country’s smallest firms. We fully support expanding opportunities for access to responsible credit and capital by providing more funding and resources for business assistance providers, making the Community Advantage program permanent, and introducing legislation such as the UPLIFT Act. Additionally, the bill includes the NEW START Act, which will expand the candidate pool and create equitable opportunities for entrepreneurship. We’re pleased this legislation supports resources for entrepreneurial development programs for justice-impacted individuals. 

Small Business Majority applauds Senate Small Business Committee Chair Ben Cardin (D-Md) and the other members of the Committee for its ongoing commitment to removing barriers to small business ownership and building long-term financial sustainability within the small business community."