Houlahan Legislation Advances Out of Committee, Invests Billions in Underserved Markets and Manufacturers
Washington, September 10, 2021
Tags: Labor, Jobs and Economy
WASHINGTON – Today, Representative Chrissy Houlahan (D-PA) announced her legislation was successfully adopted in the House Small Business Committee’s $25 billion funding package advancing through the House. The committee now sends the bill to the House Budget Committee for inclusion in President Biden’s next legislative priority – the Build Back Better Act.
“As an entrepreneur, I know how difficult it can be to scale a business under normal circumstances, let alone during a global pandemic,” said Houlahan. “As Congress considers this next round of investments in our Main Streets, I am proud to bring the concerns of my community to the forefront. Simply put, the recovery of our small business community is the linchpin to the recovery of our economy.”
Houlahan’s key initiative adopted in the legislative package would invest $9.5 billion to establish a subprogram within the Small Business Investment Company (SBIC) program to provide long-term capital to underserved markets and small manufacturers.
“Not only must we help our small businesses recover but we must do so in a way that reflects the diversity of our investment community,” added Houlahan.
In addition to Houlahan’s SBIC initiative, the legislation includes the following investments:
“Small businesses are the foundation of our economy and ultimately the key to our nation making a full economic recovery,” said Chairwoman Nydia M. Velázquez (D-NY). “The small business policies that we advanced today represent a generational investment in America’s entrepreneurs and will help businesses recover from COVID now and prosper in the future. That’s why Congress and the Biden administration must continue moving forward with the Build Back Better Agenda and pass this legislation.”
Read a section-by-section summary of the legislation including Houlahan’s SBIC initiative here.
Houlahan is an Air Force veteran, an engineer, a serial entrepreneur, an educator and a nonprofit leader. She represents Pennsylvania’s 6th Congressional District, which encompasses Chester County and southern Berks County. She serves on the House Armed Services Committee, the House Foreign Affairs Committee and the House Small Business Committee.