Congresswoman Richardson's Small Business Legislation Receives Strong Endorsement From U.S. Hispanic Chamber of Commerce

Press Release

Richardson Pledges to Work with Chamber and Other Key Small Business Stakeholders to Get "Not too Small to Succeed in Business Act of 2010" Passed

Today, Congresswoman Laura Richardson acknowledged and welcomed the support of the U.S. Hispanic Chamber of Commerce for her "Not too Small to Succeed in Business Act of 2010" (H.R. 4818). The legislation, which is currently under consideration in the U.S. House of Representatives, would alter the Small Business Administration (SBA) program so it would be easier for small businesses owned by socially and economically disadvantaged people to succeed and grow.

"The Hispanic Chamber of Commerce knows -- like I do -- that tens of thousands of businesses across this country, including disproportionate numbers of those owned by Hispanics, African Americans, Asian Americans and other minorities, are prevented from growing and prospering because of the limited resources available to them," Congresswoman Richardson said. "In the 37th District, where unemployment is as high as 20.1 percent in Compton and at 13.1 percent in Long Beach and 12 percent in Carson, this legislation will help people expand their small businesses -- from corner stores to small manufacturing operations -- which will add jobs and improve the local economy."

If enacted into law, the "Not too Small to Succeed in Business Act of 2010" would extend the maximum program participation period from the current 9-years to 11-years, increase by 300 percent the personal income limits currently used by the SBA to determine whether the applicant meets the "economically disadvantaged" requirement, increase the net worth limits of individual applicants to $750,000 to qualify as "economically disadvantaged" and not allow the SBA to "graduate" a business from the program prior to the expiration of its contract unless the applicant's net worth exceeds $2.25 million (triple of what is currently used by the SBA).

"As representative for a district that is home to around 300,000 people of a Hispanic background, I greatly appreciate the Hispanic Chamber of Commerce's support and shared understanding of this legislation and how it will give thousands of businesses in the 37th District and tens of thousands more across the nation a chance to reach their full potential," Congresswoman Richardson added. "I look forward to working with the Chamber and any other pro-small business groups and individuals to take this legislation from an idea to reality."

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