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, 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.
Rep. Judy Chu, D-Monterey Park, held a press conference at the Pasadena Post Office with members of the American Postal Workers Union to call on the US Postal Service to be protected.
“This is not only a threat to our democracy, but also to people’s health,” she said in a written statement, as voting from home is necessary to help contain the spread of the coronavirus this year.”
Chu also added that the Postal Service is crucial for things beyond the election.
A group of House members on Monday called on House Democratic leadership to take a hard stance and protect communities of color when and if coronavirus legislation negotiations resume with the White House and Senate GOP leadership.
"As members of the Democratic Party, we have a moral responsibility to defend the voiceless in America. Our legislative inaction is literally the difference between life and death for communities of color," wrote Democratic Reps. Tony Cárdenas (Calif.), Judy Chu (Calif.), Deb Haaland (N.M.), Bobby Rush (Ill.) and Joaquin Castro (Texas).
WASHINGTON, DC – Today, 82 Members of Congress sent a letter, led by Rep. Judy Chu (CA-27), to leaders of both the House and Senate urging them to include support and protections for immigrants in the next COVID-19 relief legislation. The letter is available online here.
Rep. Judy Chu, who co-signed a May 26 letter seeking further aid for movie theaters, said she fears that people will not return to theaters or concerts until there is a vaccine.
“I am so troubled by the number of businesses that could be shuttered permanently and all the jobs that would be lost,” Chu told Variety. “Every city across America has a movie theater. This affects people from all kinds of areas, whether urban or rural, low income or high income.”
Two California lawmakers announced a bill in Congress on Monday that would help thousands of freelancers who have been shut out of the federal aid program to support out-of-work independent contractors.
The Mixed Earner Pandemic Unemployment Assistance Act, introduced by Reps. Adam Schiff and Judy Chu, both D-Calif., aims to correct an unintended gap in the Coronavirus Aid, Relief and Economic Security Act passed in March. The law left thousands of gig workers who earned incomes from both traditional jobs and independent contract work with little or no financial relief.
WASHINGTON, DC — According to new data released by the US Treasury Department, over 22,400 businesses in California’s 27th Congressional District received loans through the Paycheck Protection Program (PPP). These federally backed loans worth up to $10 million were created by Congress to help businesses continue paying employees and cover other operating expenses during the COVID-19 pandemic and mandatory shutdown and social distancing orders. Rep. Judy Chu (CA-27), chair of the House Small Business Subcommittee on Oversight, issued the following statement: