Statements on Introduced Bills and Joint Resolutions

Floor Speech

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Mr. PADILLA. Mr. President, I rise to speak in support of the Revitalizing Small and Local Businesses Act, which I introduced today.

Even before the onset of the COVID-19 pandemic, historic underinvestment in certain communities left their small businesses and business districts more vulnerable to economic shocks and limited economic opportunities.

Main Street programs and business district organizations have played an important role in supporting businesses through the economic crisis and will continue to play a critical role in supporting a strong, inclusive recovery. While many communities need place-based supportive services tailored to their unique needs, Federal investments have not meaningfully supported these entities.

As we work to build back better, we have an opportunity to improve equitable access to economic development resources by leveraging the expertise of nonprofit partners with deep connections to small businesses and the organizations that serve them.

That is why I am proud to introduce this bill together with Senator Wicker to create a new $250 million Economic Development Administration grant program to support place-based supportive services to provide on- the-ground assistance in both urban and rural communities.

This bill would strategically and efficiently deploy funding to support the vital work of local programs to revitalize small businesses and business districts as these communities, particularly low-income, rural, and minority communities, seek to recover from the devastating economic effects of the pandemic.

It would support job retention and creation opportunities as well as deliver vital technical assistance to small businesses.

I thank Senator Wicker for coleading this bill with me, and I hope our colleagues will join us in support of this bill to empower place- based entities to respond to economic recovery needs through locally tailored solutions.

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