National Entrepreneurship Week

Floor Speech

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Mr. IVEY. Mr. Speaker, as we recognize National Entrepreneurship Week and Black History Month, I rise today to highlight the accomplishments and challenges of America's Black-owned small businesses.

Black business ownership is growing at the fastest pace in 30 years with the share of Black households owning a business doubling between 2019 and 2022. However, Black-owned small businesses still face distinct challenges, particularly as it relates to accessing capital, securing contracts, and navigating systemic biases within financial institutions and markets. Limited access to funding restricts the ability to scale and compete on an equal footing with their counterparts, hindering their potential for long-term success and growth.

Due to limited credit access, higher shares of Black employer businesses are forced to turn to alternative forms of financing. According to the Alliance for Entrepreneurial Equity, 49 percent of firms who pursue financing at an online lender do so because they were denied by other financial institutions.

One of my constituents who has faced these types of challenges is Tiffany Kelly, the owner and founder of House of Ketubah Bridal in Mount Rainier, Maryland. Tiffany told me that her business has been overlooked and excluded from financing opportunities. But she hasn't abandoned hope. Tiffany and her team continue to explore alternative avenues and innovative solutions to ensure that they can continue to serve their customers and the community.

I urge my colleagues to work together to solve the access to capital challenges faced by small businesses and to consider the unique needs of minority-owned businesses during Black History Month.

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