PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SBE Council Strongly Supports “Expanding Access to Capital Act”

By at 5 March, 2024, 12:08 pm

For Immediate Release

Washington, D.C. – This week, the U.S. House is scheduled to vote on the “Expanding Access to Capital Act” (H.R. 2799). Today, Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement of support for H.R. 2799:

STATEMENT OF SUPPORT FOR “EXPANDING ACCESS TO CAPITAL ACT” (H.R. 2799)

“As we’ve seen in our previous two Small Business Checkup surveys, access to capital and the cost and availability of capital have become more challenging for small businesses and entrepreneurs. In our Q4 2023 checkup survey, nearly two-thirds of entrepreneurs rated the availability of capital or credit as ‘fair’ or ‘poor.’ Over half (53%) reported that the lack of capital and credit is ‘hampering their operating capacity.’ Policy efforts in Congress must focus on strengthening capital access and formation for our nation’s small businesses, and through the wide-ranging channels that entrepreneurs finance business startup and expansion.

“H.R. 2799 is a constructive bill that adapts and modernizes policies that serve to hinder the availability and flow of capital to small businesses. The bill right-sizes compliance requirements for smaller public companies and expands Emerging Growth Companies’ benefits to other public companies to free up more capital. Moreover, H.R. 2799 allows venture funds to positively leverage their work by raising money from more investors. Accredited investor rules are also modernized to tap into available capital beyond wealthy investors. The combined effect of the practical measures within H.R. 2799 means more capital for small businesses and more widely dispersed capital across the United States. U.S. policy must continue to strengthen U.S. competitiveness and investment, which means focusing on common-sense ways that private sector capital can make its way to our most innovative small businesses in every corner of the country. H.R. 2799 will help achieve that goal, and every member of the U.S. House needs to support this important piece of legislation.”

CONTACT:

Karen Kerrigan, kkerrigan@sbecouncil.org

Raymond Keating: rkeating@sbecouncil.org

SBE Council is a nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For nearly 30 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth.

Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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