Newsletter: Congresswoan Ileana Ros-Lehtinen: Strengthening Small Businesses in Florida

Statement

Dear Friends,

Our country is a land of freedom and innovation that offers every individual the opportunity to achieve success, regardless of background or circumstances. For generations, American values have inspired and fostered scores of innovators and entrepreneurs, making our nation the greatest economic power in the world. However, previous failed policies have created an atmosphere that threatens the American dream for our next generation. I remain committed to continuing to work hard to create jobs and restore prosperity in our communities.

Recently, my colleagues and I came together in a bipartisan manner to pass a series of bills that will help us lay the groundwork for a stronger economy and a brighter future for all Americans. These bills will help create new jobs, empower small businesses across South Florida and our nation, and expand opportunities for everyone. These bills include:

*The Promoting Job Creation And Reducing Small Business Burdens Act, a bill that passed the House with my support and will drive economic growth by eliminating burdensome government regulations. According to the Small Business Administration (SBA), small ventures in South Florida pay an average of $10,500 per year complying with government bureaucracy. This is a crippling amount for small businesses with less than 20 employees. This bill includes dozens of provisions that would cut red tape and give entrepreneurs the flexibility they need to create more jobs in our communities. This bill would also allow entrepreneurs to invest more of their resources in job creation instead of spending their money trying to comply with needless bureaucratic regulations.

*The Small Business Investment Company Capital Act, a bill that was approved by the House of Representatives with my support, would increase access to capital for startups by modernizing the SBA's Microloan Program. In 2014, there were 2.2 million small businesses in Florida, which together employed over 3 million people. However, many new entrepreneurs either try to self-finance new ventures on personal credit cards or do not take the risk at all given the difficulty they face accessing loans. This bill updates the SBA's outdated formula and requirements that are preventing entrepreneurs in our community from receiving the essential loans that will allow them to pursue new ventures and grow our economy.

*The Veterans Entrepreneurship Act, a bipartisan bill which I supported, would help veterans start their own small businesses by removing barriers to capital. According to SBA statistics, 13% of all entrepreneurs in Florida are veterans, creating almost 400,000 jobs in our local economy. This bill lowers barriers and makes it easier for South Florida veterans and their spouses to obtain the private capital needed to start a new company by eliminating the upfront fee for an express loan from the SBA -- all at no cost to South Florida taxpayers. This bill ensures that veterans and their spouses can access the resources needed to build up the South Florida community they have helped to protect.

I am proud to represent a community with many family owned businesses. Empowering these small ventures is essential to a thriving American economy. It is vital to rein in and cut unnecessary government regulations and strengthen the ability of American businesses to build, grow, and compete. These bills are a step in the right direction that will help us create a competitive economy that can meet the demands of our times. I look forward to working with my colleagues on both sides of the aisle to create an opportunity economy that will grow and thrive for generations to come.

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