Rep. Chu at a local House Small Business Committee hearing on promoting small business development in Pasadena. (From SGV Tribune).
Small business is the key. It creates 2 out of every 3 new jobs. It is my mission as a member of the Small Business Committee to help small businesses do what they do best: create good jobs, drive innovation, and strengthen the middle class.
Small businesses are the backbone of the American economy: they create good jobs, drive competitiveness and innovation, and strengthen economic security for the middle class. In Washington, I am fighting to strengthen small business to help turnaround our economy.
My priorities for helping our small businesses include:
Delivering Contracts to Small Business
As the Ranking Member of the Contracting and Workforce Subcommittee of the House Small Business Committee, I am California’s leading advocate for small businesses in Washington. Small businesses make up more than 99 percent of all American companies but receive fewer than one-quarter of federal contracts. I am focusing on making it easier for small businesses to compete for government contracts.
This year I passed major federal contracting reform legislation that will increase federal contracting opportunities for small business and protect against contracting fraud and abuse. This includes the Building Better Partnerships Act of 2012, a bipartisan bill I introduced to help small businesses more easily join mentor-protégé programs that lead to federal contracts. With unemployment above 8 percent, I am dedicated to bringing more entrepreneurs into the federal procurement marketplace to increase opportunities for small businesses and to create jobs.
Expanding Access to Capital
Financial capital is crucial for small businesses – it allows them to invest in new equipment and grow their payrolls. But in these tough times, that capital is harder and harder to come by.
That’s why I introduced the Commercial Real Estate and Economic Development (CREED) Act. It extends the Small Business Administration’s (SBA) 504 loan refinance program for 5 years, allowing qualified small businesses to lock in long-term, stable financing, and enabling access to working capital to protect jobs and create new ones.
The CREED Act is completely funded by SBA fees, which means this bill helps boost the economy without costing the taxpayers a dime.
Helping Small Business Discover New Customers: Exporting
The one thing businesses say they need during these tough times is customers. The lack of consumer demand at home has taken its toll on our small businesses. We need to do more to create an economy of the future where companies can create jobs by shipping American-made products overseas. Foreign markets can serve as an important tool to boost sales and offset lower demand at home. Unfortunately, businesses can’t just say “I want to export” today and have a new market at their fingertips tomorrow.
Helping Local Business Owners. I host exporting workshops for local businesses to discover how they can tap into new export markets. My workshops are a great way for local businesses to learn about the tools and resources that can help them grow and thrive. You can sign up for my e-newsletter to learn about the latest workshops. I also regularly update both Facebook and Twitter to notify my constituents about new local workshops and events. Like and Follow me today to learn how my staff and I can assist you.
Doubling American Exports for Businesses. I am also supporting funding for the National Export Initiative – a plan to double American exports by 2015. With 95% of the world’s consumers living outside of the United States, exporting American products must be a crucial component of our economic future. And we can succeed, but only if U.S. companies, farmers and small and medium-sized enterprises – the engines of economic growth – receive the encouragement and support they need as they seek new markets for their goods and services.