What if Washington truly supported small businesses and local economies?
WHERE WE ARE TODAY
69% of small business owners and managers say that complicated government regulations are "major impediments" to the creation of new jobs. On top of that, there are massive race and gender disparities regarding access to small business capital.
WHERE WE NEED TO BE
Only 10% of businesses say regulations are impediments. And 50% of all businesses get all or most of the funding they need.
HOW WE GET THERE:
Let’s simplify regulations and create pathways for people to start and grow small businesses. The solution is right in front of us — more than two-thirds of small business job creators have told us that government regulations are a barrier to business success. Elected officials need to listen to these business owners and create clear, actionable plans for addressing their needs. With focused and experienced leaderships, we can ensure our local economies grow and thrive by improving existing business regulations and creating fair access to capital for entrepreneurs of every race and gender.
Step 1: Ensure equitable access to small business capital.
- Ensure that alternative lenders and programs are adequately funded.
- Leverage tech-based financial innovations that reduce biases and barriers experienced by businesses owned by women and people of color.
- Update the Community Reinvestment Act (CRA) with an equity lens to ensure underserved communities truly benefit as intended.
- Owner: Department of Treasury
Step 2: Customer-designed regulation that is easy and fast
- Demand a major redesign of the federal, state, and local regulations, putting an end to duplicative or unhelpful efforts (e.g. occupational licensing, zoning, and other market interventions) that freeze out market players, drive up costs, and hurt the poorest members of society.
- Reauthorize and modernize the SBA for today’s small businesses and the future of work.
- Owner: Office of Information and Regulatory Affairs (OIRA), which is part of the Office of Management and Budget (OMB); Small Business Committee