Young, Finkenauer Introduce Bipartisan Bill to Unlock Capital for Entrepreneurs in New & Emerging Markets

Last week, Congressman Don Young (R-AK) and Congresswoman Abby Finkenauer (D-IA) introduced the bipartisan Unlocking Opportunities in Emerging Markets Act, which will establish an Office of Emerging Markets within the Small Business Administration (SBA) to assist rural, women, minority, and veteran small business owners in obtaining capital to start and grow their businesses.

"Alaska is home to countless entrepreneurs whose operations contribute greatly to our economy," Congressman Don Young said. "Access to startup capital is essential for any business to succeed, and we must ensure that all entrepreneurs, including veterans, women, Alaska Natives, and others, can access the funding needed to succeed in the marketplace."

"I am proud to join Congresswoman Abby Finkenauer on this important bill to ensure that all Americans, regardless of ZIP code, are able to pursue their dreams of owning and operating a small business," Young said.

"Across Iowa's big cities and small towns, small businesses are the foundation of our economy and the cornerstone of our communities," Congresswoman Abby Finkenauer said. "Too often, though, rural, women, minority and veteran entrepreneurs struggle to access the financial resources they need to get their idea off the ground."

"As our economy starts to recover from the pandemic, this bipartisan legislation will help a new generation of entrepreneurs access capital, create new good-paying jobs for Iowans, and unleash innovation in every corner of our economy," Finkenauer said.

While the Small Business Administration (SBA) has offices to aid the business development and contracting needs of rural, women, minority, and veteran entrepreneurs, it currently does not provide specialized services for accessing capital. Too often, entrepreneurs with good ideas in smaller communities do not have access to the same startup investments and capital resources as in major cities.

The Unlocking Opportunities in Emerging Markets Act fills that gap by establishing the Office of Emerging Markets within SBA's Office of Capital Access to specifically coordinate all access to capital initiatives dealing with small businesses in emerging markets, including those owned by rural, women, minority, and veteran entrepreneurs. With this office, the SBA will be better positioned to help entrepreneurs succeed and our economy grow.

The Office of Emerging Markets will be tasked with:

Creating strategies and programs that provide an integrated approach to helping small businesses develop in emerging markets

Recommending policies about how the microloan program and other SBA access to capital programs can best serve small businesses in emerging markets.

Identifying and working with community partners that can help improve the economic success of small businesses in emerging markets.

Reviewing the effectiveness of the microloan program and any other SBA access to capital program that is targeted to emerging markets.

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