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.
Small Business Development Centers
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
Foothill Campus
3035 E. Foothill Blvd., Room 122
Pasadena, CA 91107
Phone: (626) 585-3106
Email: SBDC@pasadena.edu
SBDC hosted by University of La Verne
College of Business and Public Management
2180 Third Street
La Verne, CA 917507
Phone: (909) 448-1556
Email: ssnider@laverne.edu
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 - Today, the House of Representatives passed the American Rescue Plan, a $1.9 trillion economic recovery package to support families, workers, businesses, and health care providers through the Coronavirus crisis. Rep. Judy Chu (CA-27), who helped craft this bill as a member of the House Small Business, Ways and Means, and Budget Committees, issued the following statement:
WASHINGTON, DC – Today, the House of Representatives passed HR. 133, an omnibus bill to fund the government through fiscal year 2021 and provide additional COVID-19 relief to the country. Rep. Judy Chu (CA-27) voted for the bill and issued the following statement:
WASHINGTON, DC – Following reports that Katherine Tai, Chief Trade Counsel for the House Ways and Means Committee, has been nominated by President-elect Joe Biden to serve as United States Trade Representative, Reps. Judy Chu (CA-27), a member of the House Ways and Means Committee and Chair of the Congressional Asian Pacific American Caucus (CAPAC), and Rep. Suzanne Bonamici (OR-01), a member of the USMCA Working Group, issued the following statements praising the nomination:
WASHINGTON, DC - U.S. Reps. Judy Chu (CA-27), a member of the House Ways and Means Subcommittee on Oversight, and Bill Pascrell, Jr. (NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, led 25 House members in a letter to House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and House and Senate Appropriations leaders calling on them to retain the House-passed funding level of $12.1 billion for the Internal Revenue Service (IRS), including $5.2 billion for enforcement activities.
WASHINGTON, DC - U.S. Reps. Judy Chu (CA-27), a member of the House Ways and Means Subcommittee on Oversight, and Bill Pascrell, Jr. (NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, led 25 House members in a letter to House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and House and Senate Appropriations leaders calling on them to retain the House-passed funding level of $12.1 billion for the Internal Revenue Service (IRS), including $5.2 billion for enforcement activities.
Washington, D.C.— Today, Rep. Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, and Rep. Judy Chu (D-CA), Chairwoman of the Subcommittee on Investigations, Oversight, and Regulations penned a letter to Small Business Administration (SBA) Administrator Jovita Carranza, seeking more information on the status of the SBA’s Economic Injury Disaster Loan (EIDL) program.
Washington, D.C.— Today, House Small Business Subcommittee on Investigations, Oversight, and Regulations Chairwoman Judy Chu (CA-27) led a hearing probing internal controls against fraud and abuse in key loan programs at the Small Business Administration (SBA). During the hearing, government watchdog agencies testified on their efforts to prevent fraud and waste in the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan Program (EIDL).
Democratic U.S Reps. Adam Schiff and Judy Chu added their votes in support of House Resolution 8015, the Delivering for America Act, a bill aimed at saving the U.S. Postal Service (USPS), and the right to vote from changes to both by the Trump administration.
The legislation, which passed by a 257-150 House vote, prohibits the Postal Service from implementing or approving any changes to the operations or service levels in effect on Jan. 1 that would impede prompt, reliable, and efficient service.
WASHINGTON — Today, Rep. Judy Chu (CA-27) held a press conference outside the Pasadena Post Office to condemn the White House’s attempts to hobble post office services before the election, including cutting worker hours, shutting down sorting machines, and removing post boxes. At the press conference, Rep. Chu also stated that the Administration’s announcement that they would suspend further changes to the post office was insufficient, announcing that on Saturday, the House will vote on H.R.
On Tuesday, Rep. Judy Chu (D-San Gabriel Valley) and members of the union that represents local postal workers blasted cost-saving measures they said are hamstringing the U.S. Postal Service ahead of the presidential election.
Chu called the recent cutbacks "sabotage" meant to undercut the public's faith in mail-in voting.
"This is a threat not only to our democracy, but also to our ability to stop the coronavirus pandemic," Chu said.