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As I am sure we all agree, small businesses are critical to the economic vitality and strength of our country. From the tech company that started as an idea between two friends to more established Main Street retailers or the local restaurant looking to expand operations – all play an important role in generating employment opportunities for our communities, whether they be in rural or urban America. 

Starting a small business is what the American dream is all about. But unfortunately, as recent economic data suggests, small firms are not without their own challenges. According to ADP reports, small employers are lagging behind their larger counterparts when it comes to hiring. 

Small business employment grew only half a percent year over year – compared to 1.7 percent for all companies tracked by ADP. Declining confidence levels over economic uncertainty is also weighing heavily on small firms. 

That is why today’s hearing is so timely. It will allow us to gain valuable perspectives on how to best help entrepreneurs continue to do what they do best – invest in themselves, their communities, and their workers.

Today, we are joined by a distinguished panel of witnesses. This hearing is an opportunity to listen to their insights into the challenges facing small businesses and specifically, how Congress can prioritize their needs. 

While the Small Business Administration and other partners provide extensive support, there is still more we as lawmakers can do to ensure their success.
 
As we heard at last week’s subcommittee hearing, access to capital remains an ongoing problem for countless small businesses, regardless of their size or location. But this is not the only issue facing small firms.  

As the ADP numbers indicate, we’re still finding that many business owners struggle to find qualified workers to fill job openings. This is particularly true in areas that have been ravished by the ongoing opioid crisis or that have seen a decline in population due to a lack of opportunities. 

Supporting policies to increase educational initiatives, develop a skilled workforce, and allow small employers to offer competitive benefits and wages to their workers are all key to leveling the playing field for small businesses.   

When it comes to taxes, entrepreneurs in every sector deserve more certainty than they are currently being offered. We can achieve this by taking steps to streamline the tax code and provide greater retirement options for small business owners and their employees. 

Finally, we all know the importance of providing increased access to contracting opportunities. This is especially true as Congress aims to tackle infrastructure reform. It is imperative that in this process, we consider the economic potential that comes with ensuring small firms operating in sectors such as construction, engineering, and architecture—have a fair shot at receiving federal contracts. 

Today, the small business priorities we address will help us set our agenda moving forward this Congress. It is my hope that we will have a productive discussion today. 

With that, I thank each of the witnesses for joining us today and I look forward to your testimony.