Sánchez introduces legislation to expand support for entrepreneurs
WASHINGTON —Today, Congresswoman Linda T. Sánchez (D-CA) re-introduced the Supporting Entrepreneurs and Economic Development (SEED) Act. This legislation would help connect small business owners with local resource partners, where they can receive training, funding, and other opportunities.
The Small Business Administration's resource partners are invaluable resources for entrepreneurs learning how to plan, establish, and scale their small businesses. These resource partners include organizations such as Small Business Development Centers (SBDCs), Women's Business Centers (WBCs), Veterans Business Outreach Center (VBOC), and the Service Corps of Retired Executives (SCORE). Through no-cost, in-person consulting and low-cost training, resource partners are funded in part by annual appropriations and help small businesses with business planning, accessing capital, marketing, and more.
"Small Business Development Centers, Women's Business Centers, and other local organizations can be great resources for new entrepreneurs hoping to get their small businesses off the ground," said Congresswoman Linda T. Sánchez. "Unfortunately, spreading the word about these services remains a persistent challenge. The SEED Act would help fill that information gap, requiring lenders to connect entrepreneurs they denied for a Small Business Administration-backed loan with other local resource partners. Those entrepreneurs can then receive counseling to improve their odds of approval and strengthen their business plans."
"Small business owners need more than capital to succeed, when they are connected to the entirety of the entrepreneurial ecosystem, they will thrive. That means coaching, capital, connections to markets, culture of entrepreneurship, and a positive regulatory climate are all necessary," said Carolina Martinez, CEO of the California Association for Micro Enterprise Opportunity (CAMEO). "The SEED Act is a crucial piece to ensuring that entrepreneurs stay connected to the ecosystem."
Original co-sponsors of the SEED Act include Reps. Alan Lowenthal (D-CA), Katie Porter (D-CA), Grace F. Napolitano (D-CA), Karen Bass (D-CA), Judy Chu (D-CA), Lucille Roybal-Allard (D-CA), Ted W. Lieu (D-CA), Juan Vargas (D-CA), Eleanor Holmes Norton (D-DC), Sheila Cherfilus-McCormick (D-FL), Shontel Brown (D-OH), and Norma J. Torres (D-CA).
More information on the SEED Act is available here.
###