Small Business, Jobs and the Economy
Congresswoman Judy Chu at the construction of the iconic 210 bridge for L.A. Metro's Gold Line.
As a member of the Small Business Committee, and Chairwoman of the Subcommittee on Investigations, Oversight and Regulations, my top economic priorities include promoting the growth of small businesses; creating a competitive workforce through education and training; and rebuilding America’s crumbling infrastructure to create jobs today. Since small businesses create 2 out of every 3 new jobs, I believe helping entrepreneurs succeed is the key.
Getting an idea off the ground isn’t always easy. Having access to local resources like advice on how to develop and grow a small businesses can make all the difference.
That is why I’m proud to have brought the first two Small Business Development Centers (SBDC) to the San Gabriel Valley. Small Business Development Centers are Small Business Administration (SBA) administered partnerships, typically with local colleges and universities that provide free, confidential services to small business owners. Any person who wants to start or expand their small business can get a business plan or a feasibility study. They can get help in marketing and most importantly in finding financing.
Where once the closest SBDC was in Long Beach, I am proud to say that thanks to all of our efforts, we now have two fully operational SBDCs – one at Pasadena City College and the other at the University of La Verne. These small business development centers have already helped many entrepreneurs get their ideas off the ground, and they can be of service to you too, so don’t hesitate to contact them for free advice and support.
Pasadena City College SBDC
3035 E. Foothill Blvd., Room 122
Pasadena, CA 91107
Phone: (626) 585-3106
SBDC hosted by University of La Verne
College of Business and Public Management
2180 Third Street
La Verne, CA 917507
Phone: (909) 448-1556
Financial capital is critical for small businesses – it allows them to invest in new equipment and grow their payrolls. But that capital can be hard to come by.
That’s why I successfully fought to pass the Commercial Real Estate and Economic Development (CREED) Act into law. 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 and create new jobs.
The CREED Act is completely funded by SBA fees, which means this law helps boost the economy without costing the taxpayers a dime. Since its passage, small businesses have been able to refinance qualified loans at low interest rates, helping them increase their capital and succeed.
A shocking 73% of small businesses are turned away for conventional loans by banks. This is why we rely on loans guaranteed by the Small Business Administration (SBA) to seek sources of capital. I introduced the Investing in Main Street Act to address this very problem. The Small Business Investment Companies Program, or SBIC, is an investment program with an SBA guarantee that increases access to capital for high-growth, start-up businesses. Already, SBIC funding has helped companies like Tesla, Apple, and Intel get off the ground when they were considered to be small businesses. But a 60 year-old law – the Small Business Investment Act of 1958 - put a cap on how much banks or federal savings associations may invest in SBICs. The Investing in Main Street Act amends that outdated law to increase the percentage of capital and surplus that a bank or federal savings association may invest in SBICs.
This bill was passed unanimously by the House of Representatives in 2019. I am working towards getting it through the Senate and signed into law.
More on Small Business, Jobs and the Economy
Washington, DC — On December 19, 2019, House Democrats voted to pass HR 5430, a bill to implement the US-Mexico-Canada free trade agreement (USMCA). Today, President Donald Trump signed the legislation. Rep. Judy Chu (CA-27), a member of the House Ways and Means Committee, which has jurisdiction over trade, and who took part in a CODEL to Mexico to engage in talks about the trade deal, issued the following statement:
Washington, DC — The House of Representatives today voted to restore important tax cuts for the middle class that were stripped out of the tax code by Republicans in their 2017 Tax Scam. H.R. 5377, the Restoring Tax Fairness for States and Localities Act of 2019, eliminates the $10,000 limit on the state and local tax (SALT) deduction for 2020 and 2021 and it eliminates the marriage penalty for 2019 to allow married couples filing jointly to claim a SALT deduction of $20,000.
Washington, DC — Today, Rep. Judy Chu (CA-27) joined a bipartisan majority in voting to pass H.R. 5430, a bill to implement the US-Mexico-Canada free trade agreement (USMCA), the updated version of the North American Free Trade Agreement (NAFTA). This new agreement includes significant improvements with respect to labor, the environment, access to affordable medicines, and enforcement.
Washington, DC — Today, the House of Representatives voted on two packages of spending bills to keep the government open through fiscal year 2020 at levels higher than current funding and higher than the President’s budget request. The first package, under H.R.
Washington, DC — Today, the House Ways and Means Committee held a markup of H.R. 5377, the Restoring Tax Fairness for States and Localities Act of 2019, which reverses the cap on the deduction for state and local taxes (SALT) originally implemented by the Tax Cuts and Jobs Act. Rep. Judy Chu (CA-27), a member of the Ways and Means Committee and a cosponsor of HR 5377, participated in the markup and issued the following statement:
Washington, DC — Today, Rep. Judy Chu (D-CA), Chairwoman of the House Small Business Subcommittee on Investigations, Oversight, and Regulations, held a hearing on the current state of the Small Business Administration’s (SBA) 504/Certified Development Company (CDC) lending program. The 504/CDC program facilitates small business growth by helping firms secure affordable capital for investments in land, buildings, and fixed assets.
Washington, DC — Citing the potential impact on the economy and climate, members of the Southern California Congressional delegation sent a letter led by Rep. Judy Chu (CA-27) to the Chairs and Ranking Members of the House and Senate Committees responsible for negotiating the National Defense Authorization Act (NDAA) urging them to remove Senate-passed language that would eliminate more than 750 union jobs and shrink the U.S. electric bus market.
“I was shocked,” Rep. Judy Chu (D-Pasadena), who chairs the subcommittee, said of The Times’ findings. “I was very disturbed that contracts that were intended to go to underserved populations did not go to them in the case of $300 million worth. ...
“I would have assumed there would have been more checks and balances.”
Washington, DC — Rep. Judy Chu (CA-27) is the 9th most active member of the 116th Congress, according to a new report by Quorum Analytics, which studied legislative activity from the beginning of the session – January 1, 2019 – to the start of the August Recess – July 31, 2019. Rep. Chu issued the following statement:
Washington, DC — Today, Rep. Judy Chu (CA-27) voted for the first increase in the federal minimum wage in ten years by passing H.R. 582, the Raise the Wage Act. The Raise the Wage Act would gradually increase the federal minimum wage to $15 an hour by 2025, and ensure more workers are lifted out of poverty. California is already on schedule to raise the minimum wage to $15 an hour by January 1, 2023. Rep. Chu issued the following statement: