Congressman Al Green, Senator Ben Cardin Lead Bicameral Introduction of Legislation to Expand & Make Permanent Minority Business Agency

Apr 20, 2021 Issues: Financial Services

(Washington, DC) – On Tuesday, April 20, 2021, Congressman Al Green, Chair of the House Financial Services Subcommittee on Oversight and Investigations, introduced the Minority Business Resiliency Act of 2021 in the House of Representatives. Companion legislation was simultaneously introduced by Senator Ben Cardin of Maryland, Senate Small Business and Entrepreneurship Committee Chair.

“Since the start of the unprecedented COVID-19 pandemic, minority-owned businesses have closed their doors at disproportionate rates, underscoring the exacerbated overall impact of this crisis on people of color,” stated Congressman Al Green – Chair of the House Financial Services Subcommittee on Oversight and Investigations. “Sadly, the pandemic has been a final blow to far too many minority-owned businesses that already grappled with a lack of resources and opportunities to thrive in today’s competitive markets.”

Congressman Green, who has had multiple provisions for small businesses included in COVID-19 relief packages that were enacted over the last year, added, “The Minority Business Resiliency Act of 2021 would do more than offer much needed hope to minority entrepreneurs; it would provide tangible resources to help them succeed through a permanent, expanded Minority Business Development Agency (MBDA).”

Senator Ben Cardin – lead sponsor of the bill’s Senate version – said, “MBDA is one of our best tools to address the historic barriers to small business ownership that Black, Latino, Asian and Indigenous entrepreneurs face. It is long past time for Congress to make MBDA permanent and give the agency the resources necessary to support minority entrepreneurs who face pervasive and historic barriers to business ownership.”

The House version of the bill is cosponsored by: Representatives Emanuel Cleaver (MO), Joyce Beatty (OH), Ed Perlmutter (CO), Jim Himes (CT), Kweisi Mfume (MD), Derek Kilmer (WA), Judy Chu (CA), and Brad Sherman (CA).