Small business is the engine that drives the U.S. economy. Small businesses represent 99.7% of all employers, create half of the nation's GDP, and are responsible for creating three out of every four new jobs. Firms with fewer than 500 employees accounted for 64% of net new private sector jobs in the past 15 years. With more than 2,200 small companies in Northern Virginia's 8th Congressional District, Congressman Moran strives to ensure that small business owners are given the tools they need to succeed.
Congressman Moran has a long record of advocating for increased funding to Small Business Administration programs. Moran supported the Affordable Care Act, signed into law in 2010, which provides $40 billion in tax credits for small businesses to help them offer employee health insurance coverage, will end discrimination by insurance companies and provide small businesses access to the same plans only available today to large firms.
In the 112th Congress, Congressman Moran will fight against drastic cuts to critical Small Business Administration (SBA) programs such as the 7(a) loan program, which provides loans to small businesses that otherwise would be ineligible for loan assistance.
Congressman Moran has promoted expanded and new opportunities for minority and women-owned small businesses by increasing funding for Small Business Development Centers, Women's Business Centers and supporting access to government contracts.
Impacted by the economic crisis, many businesses in the region are in need of assistance to navigate the economic transition this phenomenon has brought. In an effort to fill this need, Congressman Moran successfully convinced the SBA to open a Small Business Resource Center in Arlington County. The SBA Resource Center provides free, expert advice and consulting to small firms located in Northern Virginia.
In addition to legislative actions, the Congressman supports Northern Virginia's small businesses by hosting a Procurement Conference each year to help companies navigate the Federal Government’s contracting process. Recognizing the need for capital among small businesses, Congressman Moran hosted “Access to Capital: A Small Business Lending Event” last year, bringing together community and national banks, credit unions, and local Chambers of Commerce to address the growing need for liquidity to strengthen local companies. Congressman Moran also recently established an 8th District Small Business Advisory Committee to keep him regularly informed regarding the needs of small business in Northern Virginia.
As the U.S. economy begins to pull out of recession, Congressman Moran will remain engaged with small businesses to promote economic growth.