Cohen Proposes Bill to Help Woman- and Minority-owned Businesses Thrive

[WASHINGTON, DC] – Congressman Steve Cohen (TN-09) today introduced legislation to help woman- and minority-owned small businesses get off the ground and thrive in our modern economy. The Expanding Opportunities to Underserved Businesses Act would increase the resources available to underserved small businesses through the U.S. Small Business Administration’s microloan program and help ensure they have the capital necessary for inventory, supplies, and other necessities.

“Small businesses are the backbone of the American economy—but those owned by women, minorities, and veterans often have more difficulty accessing the capital that they need to get off the ground and expand,” said Congressman Cohen. “This common-sense legislation would help those businesses succeed and help create good-paying, private-sector jobs in our communities.”

The Small Business Administration’s Microloan program currently provides marketing, management, and technical assistance in addition to small loans of up to $50,000 to small business owners, entrepreneurs, and non-profit child care centers. The Expanding Opportunities to Underserved Businesses Act increases the maximum loan amount from $50,000 to $75,000.