The effect of inflation on small businesses is no secret – it can dig into margins and contribute to tighter monetary conditions, limiting access to capital and the ability to grow and expand.
However, inflation is not a single-threaded issue; it’s a complex dynamic of global events. The COVID-19 pandemic, supply chain disruptions, labor shortages, monopolistic price-gouging, and… Read more »
The federal government is spending almost half a trillion annually on the purchase of goods and services needed for its daily operation.
In Fiscal Year 2021, 6.5 billion defense contracting dollars were spent in Michigan. At least 359 million of those dollars are spent in my district. This money brings well paying jobs to West Michigan and stimulates local economies.
The U.S.… Read more »
The Small Business Administration’s 7(a) program is the agency’s flagship lending initiative. Under 7(a), SBA guarantees significant portions of loans, encouraging lenders to extend credit to small businesses that might not typically be able to obtain financing.
So far, in FY 23, the SBA has approved over 30,000 loans totaling more than $14.6 billion – proving just how integral the… Read more »
I’d like to welcome Inspector General Ware. Thank you for being here today. The past three years have been extremely challenging, and we commend you for your oversight of the pandemic relief programs, as well as making sure that the Small Business Administration’s core programs are working effectively for small businesses.
Every year, your office issues the Top Management Challenges… Read more »
Main Street businesses form the bedrock of our nation’s economy, driving innovation and job creation, even during periods of economic turmoil and uncertainty. Regrettably, despite the fundamental importance of small firms, recent tax reform has catered to the interests of wealthy individuals and large corporations instead of American entrepreneurs.
Small businesses require certainty… Read more »
Thank you, Mr. Chairman, for holding this important hearing examining CFPB’s small business lending rule and examining ways to create a more equitable lending ecosystem.
For far too long, women- and minority-owned small businesses have experienced obstacles in accessing capital. Part of the reason is the lack of data and transparency related to small business lending. The scant data… Read more »
Thank you, Administrator Guzman, for testifying before the committee today. It has been two years since you were confirmed as SBA Administrator. In those years, SBA delivered more than a trillion dollars in pandemic relief, saving countless jobs and small businesses from permanent closure. And, there have been a record number of small business applications – thanks in large part to an… Read more »
Clean water is an essential building block of any functioning economy. We depend on it for drinking, bathing, cooking, farming, fishing, manufacturing, tourism, recreation and many other activities. Without clean water, our health, environment, and economy would be at serious risk.
For the past 50 years, the Clean Water Act has safeguarded our rivers, streams, and wetlands from… Read more »
Thank you, Mr. Chairman, and thank you all for joining us for our first hearing of the 118th Congress. I welcome all our new Small Business Committee Members, and welcome back those returning from the 117th Congress.
The story of the American dream has been the story of our nation’s independent business owners. Those who take the reins of their own destiny and bring ideas to life in… Read more »
For small businesses, exporting products abroad can jump-start growth and unlock an enterprise’s full potential. Nearly 96 percent of consumers live outside of the United States. When small firms sell their products internationally, they can reach countless new customers, become more resilient, and boost their bottom line.
The approximately 166,000 small businesses in the U.S. that… Read more »