Global Chamber Meeting with Senator Cardin's Committee on Small Business and Entrepreneurship

Global Chamber® Baltimore/Washington (BWI) chapter members recently participated in a conversational virtual meeting with U.S. Senate Committee on Small Business and Entrepreneurship to discuss the topic of supporting America’s small businesses that are the heartbeat of US economy.

Thank you to U.S. Senator Ben Cardin and his staff for this opportunity.

The number of small businesses in the US has reached about 31 million, making up nearly all (99.9 percent) of US businesses, with businesses of fewer than 500 employees accounting for 48% of American jobs and 43.5% of GDP. During the COVID-19 Pandemic, businesses of all sizes were hit, but the effects of COVID 19 on small retail businesses were far more severe in most regions of the nation.

During our meeting with the committee on May 13, 2021, the discussion was centered around supporting minority businesses and supporting HBCUs (Historically black colleges and universities) in particular. Ms. Kylie Patterson (above), staff at U.S. Senate Committee on Small Business and Entrepreneurship, explained three bills introduced by Senator Ben Cardin (State of Maryland), Chair of the Committee intend to expand access to capital in underserved communities in our economy.

Senator Cardin’s three bill proposals are as below.

1) The Ushering Progress by Leveraging Innovation and Future Technology (UPLIFT) Act

A bill to foster innovation and entrepreneurial ecosystems in minority, low-income, rural, and other underserved communities by providing Historically Black Colleges and Universities (HBCU), minority serving institutions (MSIs), and community colleges with the resources to establish and expand incubators and accelerators for underserved entrepreneurs.

2) The Unlocking Opportunities in Emerging Markets Act

A bill to establish an Office of Emerging Markets within the Small Business Administration that will strengthen the development of small business concerns in emerging markets, including those owned by women, minorities, veterans, and those located in rural areas, and for other purposes.

3) The Minority Business Resiliency Act of 2021

A bill to make permanent and expand the reach of the Minority Business Development Agency (MBDA), which was created by Executive Order in 1969. The bill would also place MBDA regional offices in more communities, increase the agency’s grant making capacity, and create a Senate-confirmed Assistant Secretary of Commerce for Minority Business Development.

Ms, Patterson mentioned Senator Cardin, the Chair of the Committee, recognizes a long history in America of not supporting various types of underserved business communities that include businesses led and managed by people of color, people in rural areas with poor broadband access, as well as others, and endeavors to provide federal solutions to increase the support.

In advancing the promotion and growth of entrepreneurship in underserved communities, access to capital was recognized as the most significant challenge that women and other minority businesses encounter.

Ms. Patterson provided the overviews of existing federal programs for supporting entrepreneurship for minority businesses including small business opportunities to do research and innovation that is particularly emphasized under the Biden Administration’s American Jobs Plan.

During the meeting, participants also raised various questions and exchanged feedback on subjects including crowdfunding, awareness, access, affordability, ROI, lowering barriers to government contracts, and other strategic planning assistance to support small businesses and entrepreneurs.

This meeting was moderated by Floyd DesChamps, CEO of The Desner Group, LLC. Mr. DesChamps is also a Global Chamber BWI Advisory Board member. Image below.

Interested to hear the conversation? You may access the video recording of the meeting HERE.

Mi Jeong Hibbitts - Executive Director at Global Chamber® Baltimore/Washington

Global Chamber® is a growing and collaborating community of CEOs, executives and leaders in 525 metro regions around the world... connecting member businesses to new opportunities and advancing growth and success. It's the only chamber of commerce in the world operating in hundreds of locations that helps exporting, importing and investing members to connect through warm introductions to clients, partners, projects and resources.

Global Chamber® is a registered trademark of Global Chamber, LLC.