PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

ICYMI: SBE Council Supports the Bipartisan CREATE Act

By at 22 March, 2024, 10:28 am

Earlier this year, U.S. Senators Brian Schatz (D-Hawaii) and John Cornyn (R-Texas) introduced the Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy (CREATE) Act. The bipartisan legislation will support artists and small businesses in creative industries by increasing access to federal resources to help them grow.

“Local artists, writers, performers, and the creative industry they support are vital to our economy and enrich our daily lives,” said Senator Schatz. “Unlocking federal resources for creatives will generate jobs and help the industry reach its full potential.”

“The world knows about the Lone Star State and our rich culture thanks to the creative Texans who have chronicled our way of life for hundreds of years,” said Senator Cornyn. “This legislation would support the Texas writers, singers, artists, and arts entrepreneurs whose work helps drive our economy.”

The CREATE Act will offer direct support to artists and small businesses by:

● Expanding the Microloan Program qualifications to include artists and arts entrepreneurs, or small businesses, that support the creative economy;

● Providing support to state, regional, and local art agencies, artists, and creative workers through traditional economic development tools;

● Directing the Small Business Administration (SBA) to develop procedures on evaluating the business proposals and plans of non-employer business and small businesses within the creative economy;

● Tasking the SBA with partnering with relevant stakeholders to develop a technical assistance program that targets the specific needs of artists and arts entrepreneurs; and

● Establishing a program to examine helping local arts agencies and nonprofits with planning grants.

The creative economy includes businesses focused on individual creativity, skill, talent, or expression of indigenous culture or regional or local heritage culture. These businesses collectively add $919.7 billion annually to the nation’s Gross Domestic Product, with a growth rate nearly double the rest of the economy.

“The creative economy is a vital source for innovative progress that touches every industry and offers an open and inclusive path for entrepreneurial opportunity. Tech tools and the emergent use of immersive technologies, including the growth of the metaverse, are empowering and fueling the creative class while enabling more rapid growth and uses of their innovative creations in the marketplace. The CREATE Act modernizes and expands existing small-business support systems and establishes pilot initiatives that will help to leverage the diverse creative energy that exists in every community across our nation. SBE Council strongly supports this bipartisan, forward-looking legislation to harness the vibrant power of American creators and entrepreneurial opportunities in the creative economy,” said Karen Kerrigan, President & CEO, Small Business & Entrepreneurship Council and founder, The Metaverse Business Alliance.

Read the full press release and list of small business supporters here.

 

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