America’s 25 million small businesses drive our economy and, according to the Small Business Administration (SBA), create 60 to 80 percent of the net new jobs in our economy. Because of the innovation and job creation that small businesses provide, the U.S. House of Representatives approved initiatives that I supported to help these economic drivers continue their key role in the growth of our nation. These bills are now pending approval in the U.S. Senate. 

The SBA Entrepreneurial Development Programs Act would expand the role of Small Business Development Centers to target the most pressing economic challenges facing entrepreneurs today, from the rising costs of health care and energy to regulatory burdens and compliance costs. To increase small business access to capital, the Small Business Investment Improvements Act would reform the SBA’s Small Business Investment Company and the New Markets Venture Capital programs designed to aid small enterprises, particularly those owned by women, minorities and residents of low-income areas. The Small Business Lending Improvements Act would lower the cost of financing for small businesses by modernizing SBA lending initiatives, allowing entrepreneurs to invest further in their ventures and create jobs. 

Three additional initiatives would increase business development and opportunities for women, Native Americans and veterans. The SBA Women’s Business Programs Act would dedicate resources to strengthen centers and increase their services in underserved communities, the Native American Small Business Development Act would provide technical and educational assistance to Native American entrepreneurs and the SBA Veterans’ Programs Act would in turn create additional Veterans Business Outreach Centers and offer business development services targeted to veterans.