Chairman Crow Holds “Jobs! Jobs! Jobs!” Hearing On Entrepreneurship and Driving Economic Recovery Through Job Creation
Crow’s bipartisan and bicameral legislation, the Next Generation Entrepreneurship Corps Act, would spur new business and job creation in underserved communities by starting a competitive fellowship for entrepreneurs
WASHINGTON - Rep. Jason Crow (D-CO), Chairman of the House Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development, today held a hearing called “Jobs! Jobs! Jobs!” on the importance of entrepreneurship for economic recovery.
The COVID-19 pandemic devastated small businesses across the country. Despite critical federal rescue and recovery programs, nearly 200,000 businesses shuttered during the pandemic may never reopen. This comes on the heels of decades-long decline in entrepreneurships rates, which are more pronounced for millennials and those in underserved communities. The decline in entrepreneurship has significant potential to delay our economic recovery, by lowering productivity, decreasing the creation of new technologies, and slowing the overall rate of job growth.
The hearing focused on the Next Generation Entrepreneur Corps Act, bipartisan and bicameral legislation introduced by Reps. Crow and Troy Balderson (R-OH), along with Senators Chris Coons (D-DE) and Tim Scott (R-SC). The bill would create a competitive fellowship program for entrepreneurs, directly supporting the creation of more than 320 new businesses each year and spurring economic activity in underserved communities.
By working from the proven model of establishing a system of fellows around the country, the Next Generation Entrepreneurship Corps incentivizes new entrepreneurs to take their ideas to under-resourced communities, providing jobs and opportunity along the way.
“We have the potential to help ensure an equitable recovery and create millions of good-paying jobs by supporting entrepreneurs and creating an economic environment where they can thrive,” said Rep. Jason Crow. “The Next Generation Entrepreneur Corps Act would help train the next generation of small business owners, provide them with funding and resources they need, and specifically target those in historically underserved communities. Today’s hearing showed that we need innovative solutions like these to reverse the decline in entrepreneurship and help our economy recover.”
“Entrepreneurs - especially those of color, in low-income, and rural areas - encounter challenges in accessing capital and are less likely to have relationships with business networks and mentorships that make it easier to start and grow a business. The Next Generation Entrepreneurs Corps Act will spur leadership and support innovation for underserved communities in Colorado that have been disadvantaged for far too long,” said Lindsey Vigoda, Colorado Director of the Small Business Majority.
“Women and minority entrepreneurs have the potential to drive the recovery of our country, especially when they have access to the right resources and tools,” said Angeles Ortega, CEO of the Mi Casa Resource Center.
Watch the hearing here.