Rep. Richmond Introduces Bill to Support Small Business Owners

June 20, 2013
Press Release

Washington, D.C. - Congressman Cedric Richmond (LA-02) today introduced the Community Lending and Small Business Jobs Act of 2013 to provide much-needed support to our nation’s small firms. The bill seeks to target and address the needs of small firms, especially microenterprises, minority-owned businesses and businesses owned by young people.

“Small businesses are the lifeline of our nation’s economy and it is vital that we provide the necessary resources to strengthen and support them,” Congressman Cedric Richmond said. “I am introducing the Community Lending and Small Business Jobs Act of 2013 to provide much-needed support to our nation’s small firms as the economy continues the long climb back to historic levels of growth and employment. As job creators, young entrepreneurs and owners of micro enterprises are foundational anchors in our communities. They stabilize the local tax base in communities that are often underserved which in turn, stabilizes local investments in our schools, hospitals, and public safety. Our country is truly defined by the measure that they are able to succeed.”

The Community Lending and Small Business Jobs Act of 2013:

  • Provides extensive resources at the SBA and at the U.S. Treasury to help small firms access small business policy assistance, including: capital, contracting and counseling opportunities. 
  • Makes it easier for microenterprises to access the training and services necessary to grow and prosper by streamlining government programs through the creation of a microenterprise coordinator at the Small Business Administration (SBA).
  • Creates an Office of Youth Entrepreneurship at the SBA to promote and invest in our young innovators. The Office would work with private sector stakeholders to invest in technical assistance and entrepreneurial education for Americans under 25 years of age who wish to start a business. It also requires the Department of Education to recommend legislation to Congress on implementing a loan forgiveness program for young entrepreneurs.
  • Calls for The CDFI Fund to invest in Community Development Financial Institutions for the purposes of improving economic outcomes for underserved families and small businesses across America. Providing the CDFI Fund with a robust capital infusion will make efficient use of taxpayer dollars by leveraging federal investment for the purpose of small business lending by a ratio of 15 to 1.The CDFI Fund is well placed to make careful, targeted investments in businesses that will help them create jobs. The funds for this capital infusion will come from amounts repaid to the Small Business Lending Fund, established by Congress as a part of the Small Business Jobs Act of 2010

Cosponsors of the Community Lending and Small Business Jobs Act of 2013 include: Reps. Corrine Brown (FL-5), Donald Payne Jr. (NJ-10), Tony Cardenas (CA-29), Sheila Jackson-Lee (TX-18), Andre Carson (IN-7), William Enyart (IL-12), Bennie Thompson (MS-2), Judy Chu (CA-27), Lacy Clay (MO-1), Rep. Yvette Clarke (NY-09) and John Lewis (GA-05).