(Washington, D.C.) – Today, U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) introduced the Small Business Administration Reauthorization and Modernization Act of 2022—legislation to reauthorize and modernize key U.S. Small Business Administration (SBA) programs, including the agency’s entrepreneurial development, capital access, and contracting programs.
Chair Cardin’s package focuses on reauthorizing longstanding SBA programs, including the Women’s Business Center program, the Small Business Development Center program, the SCORE program, the State Trade Expansion Program, and veteran outreach programs. It also includes numerous provisions that increase the reach and impact of SBA initiatives in underserved communities, including: permanency for the Community Advantage program, diversifying the SBA’s contracting programs, connecting justice-impacted individuals to entrepreneurial resources through the New Start Act, creating a pipeline for innovation in minority, low-income, rural, and other underserved communities through the UPLIFT Act, and increasing opportunities for underserved entrepreneurs to access both public and private capital through the Small Business Investment Company Emerging Managers program. Chair Cardin has consistently focused on leveling the playing field for small businesses in underserved and underbanked communities. These programs are essential tools that help entrepreneurs and small business owners start and grow their businesses.
“The SBA is long due for a reauthorization, and I am proud to introduce this package that will reauthorize and improve numerous programs to better serve and expand access to our entrepreneurs and small business owners,” said Chair Cardin. “The SBA’s entrepreneurial development, capital access, and contracting programs are key tools in our mission to serve the small business community, and it is essential that we provide the stability and support these programs need. I look forward to engaging with my Republican colleagues on the Committee, and my colleagues in Congress to move this package forward and reauthorize the SBA in the upcoming 118th Congress.”
This legislation is endorsed by the Association of Women’s Business Centers, U.S. Black Chambers, Associations for Enterprise Equity, SCORE, America’s SBDC, and the Mission Lenders Working Group.
“The Association of Women’s Business Centers applauds Chair Cardin in the introduction of Small Business Administration Reauthorization and Improvements Act of 2022, and celebrates the inclusion of the Women's Business Centers Improvement Act of 2022,” said Corinne Goble, CEO of the Association for Women’s Business Centers. “Reauthorization and modernization of the Women’s Business Center program are long overdue - passage of this legislation will bring the WBC program into the 21st century and better support the network of over 140 WBCs in their efforts to provide counselling, training, and assistance to tens of thousands of women business owners across the nation. This package would increase opportunities for women and minority entrepreneurs engaging the federal government through the Federal Contracting Fairness Act of 2022 and accessing both public and private capital through the Community Advantage Loan Program Permanency Act of 2022 and the Small Business Investment Company (SBIC) Emerging Managers Program. In addition, it would increase the probability of success of formerly incarcerated individuals reentering the workforce and turning to entrepreneurship through the New START Act of 2022. With over 12.3 million women entrepreneurs in the United States, women business owners are a driving force of the American economy, and yet, they continue to struggle to achieve economic parity with their male counterparts. Legislation like this helps level the playing field and increase opportunity for the American women-owned small business community.”
“This legislation would work to upgrade various programs and establish new programs that provide opportunity, education, and technical assistance to Black entrepreneurs across the country. Particularly, USBC welcomes the inclusion of the Federal Contracting Fairness Act of 2022, which provides long-awaited upgrades to the SBA’s 8(a) program, presenting an opportunity to increase the share of federal contracts that go to Black firms (from 1.67 percent),” said Ron Busby, Sr. President and CEO of the U.S. Black Chambers, Inc. “As we approach the end of the 117th Congress, the need to provide continuity for the Black business community has never been greater as businesses continue to rebound from the economic turmoil of the last few years. USBC is proud to endorse this legislation and will continue to advocate for its provisions that aim to uplift Black entrepreneurs in our community.”
“The Association for Enterprise Opportunity welcomes the release of the small business package introduced by Senator Cardin and colleagues on the Senate Small Business Committee,” said Connie E. Evans, President and CEO of the Association for Enterprise Opportunity. “The legislation contains several provisions that would uplift our microbusiness community across the country, including the Community Advantage Loan Program Permanency Act which would codify the Community Advantage program, creating additional opportunities for microbusinesses to access capital. The legislation also includes the critically important NEW START Act, which would create an opportunity for our would-be entrepreneurs who have experience with the criminal justice system. AEO will continue to show our support for this legislation and applauds the Committee for its continued dedication to a thriving microbusiness economy.”
“This package demonstrates a valuable and encouraging show of support for the hundreds of thousands of American small business owners served by the SBA’s resource partners,” said SCORE CEO Bridget Weston. “On behalf of SCORE’s 10,000 volunteer mentors, we greatly appreciate the Small Business Committee’s support in reauthorizing the SCORE program, which will provide necessary updates and improvements.”
“America’s SBDC, the association representing the sixty-three small business development center (SBDC) networks and their nearly 1,000 centers, wishes to express its support for the Small Business Administration Reauthorization and Modernization Act of 2022,” said Charles “Tee” Rowe, President and CEO of America’s SBDC. “This bill is both timely and necessary to rejuvenate and restore vital programs and services delivered through the Small Business Administration. In particular, America’s SBDC wishes to express their support for Titles I, II, and III which reauthorize the SBDC, SCORE and Women’s Business Center Programs.”
Joe Wall, National Director of Goldman Sachs 10,000 Small Business Voices provided the following statement on Chairman Cardin’s bill to reauthorize and modernize the SBA:
“Goldman Sachs 10,000 Small Businesses Voices thanks Chairman Cardin for his proposal to reauthorize the Small Business Administration (SBA). To compete and thrive in today’s economy, small business owners need a modern SBA, which will equip them with the tools they need to succeed. Our community looks forward to working with the Chairman, along with lawmakers in the House and Senate, in the next Congress to reauthorize the SBA for the first time in 22 years. We appreciate the Chairman’s continued leadership and are very encouraged by the introduction of this legislation,” said Joe Wall, National Director of Goldman Sachs 10,000 Small Businesses Voices.
Click here to view the bill text.