Celebrating small businesses.

Friend,

May was Small Business Month, an opportunity to recognize the ways small businesses contribute to our community. But we shouldn’t just wait for one month a year to reaffirm our commitment to small businesses. 

In Indianapolis and across the country, small businesses are the backbone of the economy. They drive local jobs, careers, and opportunities. They allow for the chance to achieve the American Dream, providing more avenues to generate income. And they make up a significant portion of overall economic activity. Studies show that small businesses generate 44% of economic activity – in the entire United States.

Within the category of small businesses, there is another classification that deserves our attention as well: emerging businesses. 

To be certified as an emerging business enterprise, a company must be 10 percent or less the size of the current Small Business Administration (SBA) designation for a small business, which is typically capped at 500 employees.

Emerging businesses face obstacles that are distinctly different from more well-established small businesses. For example, they often have trouble securing federal contracts, and many emerging businesses have difficulty accessing the capital they need to develop products and hire workers.

That’s why I introduced the Emerging Businesses Act, which would create a new designation based on the company’s age, size, and total compensation. 

Under the Emerging Business Act, the SBA would create a new designation for an Emerging Business Enterprises based on the company’s age, size, and total compensation. This will encourage meaningful opportunities among like-sized enterprises compared to competition against larger, fully established enterprises.

My bill will expand opportunities by requiring federal agencies to set contracting goals for emerging business enterprises equal to or not less than 3 percent of contracts and subcontracts. 

Under the Emerging Business Encouragement Act, the percentage of federal loan guaranty authority for Small Business Administration loans would increase from 50 percent for all small businesses to 65 percent for emerging business enterprise, providing a significant incentive for lenders to lend to these businesses.


We must support all job creators as our economy continues to recover, but there are significant differences between a startup with only a few employees and an established business with a few hundred employees and decades of experience. This legislation will help these emerging businesses overcome the unique challenges they face in their first few years of operation, and it will ensure these businesses are able to compete for federal contracts and gain access to critical small business loans.

What happened this week in Congress: 

This week, I voted in favor of the Bipartisan Budget Agreement, which passed the House and Senate.

Hoosiers would be subjected to devastating economic consequences if our nation were to default on our debt. While this deal is not perfect, it accomplishes a crucial goal: prevent a catastrophic default that would have caused economic devastation, massive job losses, and skyrocketing costs for hardworking families. I supported the final agreement because it prevented cuts to key programs Americans rely on – like education, health care, and veterans benefits, and it maintains the 2023 funding levels we enacted last December instead of deeper cuts back to 2022 levels. 

Our work is far from over. I will keep advocating and working for disadvantaged communities and a stronger economy. 


Job growth is skyrocketing: 


May’s job report is in! Last month, the economy created 339,000 jobs – bringing us to over 13 million jobs since President Biden took office, and far exceeding expectations. That's more jobs in 28 months than any President has created in a four-year term.


Job growth continues to be strong and consistent – and thanks to efforts like the Inflation Reduction Act and the Bipartisan Infrastructure Law, that growth can be sustained for years to come. With jobs in clean energy and infrastructure – home grown in the United States – we can move towards an even stronger, brighter future. 


Success story of the week:

“I wanted to thank you and your staff for the timely resolution of my retirement application. I received a phone call from your office a few hours after I submitted my concern, and 2 days after reaching out to
you, my application was approved, and my first check was issued the following day. Thank you so very much!”


--District 7 constituent

Need assistance navigating a federal agency, accessing benefits, or helping a community member recognize a milestone? We can help! Get in touch with our district office at 317-283-6516. 
 

For updates throughout the week, don’t forget to follow me on Facebook, Instagram, and Twitter.

Your Friend,

André