On June 26, the Senate Small Business and Entrepreneurship Committee approved en bloc, 19-0, the Entrepreneurial Development Act (S. 1671) and the Small Business Venture Capital Act (S. 1662). Last week, the House passed similar bills, the Small Business Administration (SBA) Women’s Business Programs Act (H.R. 2397) and the SBA Entrepreneurial Development Act (H.R. 2359) (see The Source, 6/22/07).
The Entrepreneurial Development Act would reauthorize small business counseling and assistance programs, such as the Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), and Service Corps of Retired Executives (SCORE) through 2010; require the SBA to consult with the National Women’s Business Council, the Interagency Committee on Women’s Business Enterprise, and WBCs; and would reauthorize the National Women’s Business Council through 2010 and change its research allocation from $550,000 to 30 percent of appropriated funds. S.1671 also would establish a pilot program to authorize $5 million for grants to provide small businesses with information on available health insurance options in their communities.
The Small Business Venture Capital Act would reauthorize the Small Business Investment Company (SBIC) program for three years through 2010 and increase the funds available to an SBIC that invests in women- or minority-owned small businesses or small businesses located in low-income areas.
Chair John Kerry (D-MA) said, “Investing in these core small business programs is critical to creating jobs and boosting our economy. This committee has long sought to make these kinds of improvements. Almost all of these provisions unanimously passed the Committee on Small Business and Entrepreneurship last Congress, and I am pleased that we are moving forward on these once again.”
Ranking Member Olympia Snowe (R-ME) said, “Women entrepreneurs are one of the most rapidly expanding segments of the economy, accounting for 30 percent of all business in the country. In order to help propel this growth, this bill directs the SBA to help women entrepreneurs address technology, financing, manufacturing, and international trade issues. In addition, this bill also increases grant transparency, creates an online electronic clearinghouse on women’s business activities, and strengthens the advisory role of the National Women’s Business Council.
