Good afternoon. Thank you, Dr. Gonzalez for that wonderful introduction.
And thank you to Jim Doyle of Business Forward and Rhett Buttle and all of the small business board members of Small Business for America’s Future.
I’m proud to serve as the voice for America’s 30 million small businesses and innovative startups.
As you all know, America’s small businesses are one of our nation’s greatest jobs creators – creating two-thirds of net new jobs and employing nearly half of the private workforce.
Small businesses are the engine of our economy.
And beyond that – they are an integral part of community. Our small business employers offer community members from the neighborhood that first job opportunity. Their employes often become part of the family. They create that dream job for a visionary innovator looking to solve pressing global problems. Their growth impacts the whole community.
And today, as we work to recover from the COVID-19 pandemic and build our economy back better than before – small businesses have a crucial role to play in creating the jobs of today … and the jobs of the future.
But they can’t do it alone.
They need our help. And President Biden’s $2 trillion-dollar American Jobs Plan offers a once-in-a-generation investment that will fuel our nation’s small businesses… and give them the tools they need to grow and the opportunities they need to thrive.
Right now, small businesses are held back by an aging transportation infrastructure that keeps their supplies from getting to them and their products from getting to their customers.
We’ve all heard about shipping delays brought on by the pandemic. But consider this, before the pandemic, nearly two-thirds of America’s small business owners rated the quality of local roads and bridges as average, poor or very poor.
We’ve asked our highly impacted small businesses to pivot and adapt during COVID and oftentimes that’s meant shifting to e-commerce for revenue generation. However, one broken down bridge or one impassable road can mean the difference between success or failure for a neighborhood hair salon, dry cleaners or restaurant.
Infrastructure matters for small businesses on many levels.
Rebuilding infrastructure will provide countless opportunities for small construction companies, engineering and other professional service firms and more. And we know that these 2 industries in particular rank in the top 5 in terms of both the number of small firms and small business employment nationwide.
The American Jobs Plan will invest in a sorely needed upgrade to our nation’s roads, bridges, ports, airports and transit systems.
Broadband is a necessity for small businesses everywhere, from big cities to rural communities.
Technology matters for small businesses.
And building a universal broadband network will provide countless opportunities for fiber optic technicians, telecommunications engineers and millions of telecommuting workers who depend on a reliable Internet connection to get their jobs done.
The American Jobs Plan will build high-speed broadband infrastructure to reach 100 percent coverage, while reducing the cost of broadband service.
U.S. manufacturing was the Arsenal of Democracy in World War II.
Supply chain disruptions during the pandemic have shown just how far we’ve fallen. With today’s heavy reliance on global supply chains and foreign producers, shipping of parts and materials has been interrupted for nearly 75 percent of U.S. companies during the pandemic.
And bringing manufacturing back to our shores will not only ensure we have enough supplies of personal protective equipment and other critical medical supplies here at home, but it will also rebuild that ladder to middle-class life that manufacturing jobs can provide.
Supply chains matter for small businesses.
The American Jobs Plan will strengthen manufacturing supply chains and innovation support networks while investing billions in financing and technical assistance programs for small manufacturers – the businesses that bring us the products we depend on..with a particular focus on small, minority-owned manufacturing businesses.
Investing in transportation infrastructure, technology, manufacturing – these are just three examples of how President Biden’s plan will fuel long-term growth for America’s small businesses and innovative startups.
The American Jobs plan also aims to give small businesses more opportunities to sell their products and services to Uncle Sam – the world’s largest customer. It will create a national network of small business incubators and innovation hubs, while empowering small firms to participate in federal R&D initiatives. And it will increase access to capital and equity for small businesses by injecting billions of dollars in funding into SBA’s 7a loan program and Small Business Investment Company program which I am committed to leveraging for increased equity
And together with the American Jobs Plan, …the Made in America Tax Plan will help level the playing field between small businesses and large multinational corporations by ensuring that big corporations can’t escape or eliminate the taxes they owe by offshoring jobs and profits from the United States -- and pay a lower tax rate than small businesses.
Under my leadership, SBA will strive to be as entrepreneurial as the small businesses we serve, and will focus on connecting ALL entrepreneurs with the resources they need to start, grow and be resilient.
The American Jobs Plan will ensure those tools are there for all of today’s small business owners and all of tomorrow’s aspiring entrepreneurs.
America already has the entrepreneurial spirit to build back better. All we need to do is give that spirit the support it needs to soar.
President Biden understands this. As he said: “Getting our economy back means bringing our small businesses back.”
We’re already providing immediate relief with the American Rescue Plan. The American Jobs Plan takes the next step by putting our small businesses in the driver’s seat of our nation’s future. Right where they belong.
As the voice of small business, I want our entrepreneurs to feel like the giants they are in our economy.
Thank you.