SBC Considers Challenges of Underserved Small Businesses

Statement

Today, the House Small Business Committee Subcommittee on Economic Growth, Tax, and Capital Access met for a hearing titled "Exploring Challenges and Opportunities of Underserved Businesses in the 21st Century."

"Minority, women, veteran, and rural businesses face a unique set of challenges when starting and growing their business. These challenges range from attaining adequate financing to finding helpful mentors to accessing reliable broadband. Today's hearing allowed us the opportunity to discuss these and other challenges while exploring potential solutions for small firms going forward." said Subcommittee Ranking Member Kevin Hern (R-OK).

Underserved Small Business Challenges

"One means of helping underserved businesses grow and thrive is to connect them to markets for their products and services. Such concerns exist across America, in rural and urban areas alike, of course. But in rural areas…this connectivity can be a unique challenge due to geographical barriers -- barriers that broadband can help break down and overcome," said Michael Romano, Sr., Vice President of Industry Affairs and Business Development, NTCA -- The Rural Broadband Association. "Indeed, in rural and urban areas alike, broadband availability and adoption strongly correlates with increased economic opportunity and prosperity."

"Veterans continue to serve their country long after their military service by employing 5.03 million Americans, managing receipts in excess of $1.14 trillion dollars, and accounting for nearly 10% of U.S. Small Businesses. Despite strong numbers, veteran-owned small businesses continue to experience unnecessary bureaucratic obstacles and difficulties in securing government contracts," said Davy Leghorn, Assistant Director National Veteran Employment and Education Division, the American Legion.

Sharon Pinder, President, Capital Region Minority Supplier Development Council, said "Minority businesses are capable and can benefit by being at the table during the infancy of today's emerging industries and technologies. As in the past, in partnership with the government, as that industry grows, the altitude of minority businesses will excel as well."

"Our reason for existence is to help underserved populations overcome the challenges that stand in the way of them reaching their full potential for achieving financial stability and income mobility," said Marla Bilonick, Executive Director and CEO, Latino Economic Development Center. "The entrepreneurs we serve face formidable hurdles in starting and expanding their businesses and it's our role to help them to overcome and eliminate those hurdles."

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