WASHINGTON -- The United States Hispanic Chamber of Commerce (USHCC), which represents the interests of nearly 3 million Hispanic-owned businesses and over 200 local Hispanic chambers of commerce nationwide, announced its support for H.R. 4818 "Not too Small to Succeed in Business Act of 2010" sponsored by Rep. Laura Richardson (CA-37). H.R. 4818 "Not too Small to Succeed in Business Act of 2010" seeks to update the metrics of the Small Business Administration's (SBA) 8(a) program to better meet the needs of small businesses operated by individuals who are socially and/or economically disadvantaged. President and CEO Javier Palomarez stated that "this is exactly the kind of legislation that Hispanic entrepreneurs need to continue to grow and prosper during this tough economic climate."
If enacted, H.R. 4818 "Not too Small to Succeed in Business Act of 2010" will:
Extend the maximum program participation period from the current 9-years to 11-years;
Increase by 300% the personal income limits currently used by the SBA to determine whether the applicant meets the "economically disadvantaged" requirement;
Specifically 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 8(a) 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).
The USHCC applauds Rep. Richardson's leadership in addressing the needs of small businesses as they prepare to compete against larger businesses and looks forward to the passage of this legislation.
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that generate nearly $400 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico.
SOURCE United States Hispanic Chamber of Commerce