Financial CHOICE Act of 2017: What does the future hold for consumers and entrepreneurs?

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On Wednesday, the Financial Services Committee (FSC) held the “A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs” hearing on the Financial CHOICE Act of 2017. The bill’s objective is stated in its discussion draft as, “To create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.”

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Small Business Owners Testify Before Small Business Committee

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On Wednesday morning, the Committee on Small Business conducted a hearing, Making Washington Work For America’s Small Businesses, centered on providing small business owners with the opportunity to “outline their priorities and provide the Committee with ideas about federal policies that will help them most grow their businesses.”

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A Helping Hand in the SEC Small Business Advocate Act of 2016

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Small businesses are the backbone of the U.S. economy. With the jobs and services they provide, the 30 million small business owners in the U.S. keep the country moving forward one community at a time. However, with limited employees, depleted resources and unforgiving competition from larger companies, small businesses are often at risk of being forced to close their doors.

The resources for small business owners, like the Small Business Administration (SBA) and campaigns like Small Business Saturday, are important and incredibly useful. With the funding opportunities and awareness they provide, these outlets can mean the difference between increased revenues and a permanently closed sign. Soon small businesses will have one more valuable resource at their disposal.

On December 16, 2016, President Barack Obama signed HR 3784 or the SEC Small Business Advocate Act of 2016 into law. The act will create a new Office of the Advocate for Small Business Capital Formation within the U.S. Securities and Exchange Commission (SEC) tasked with pursuing the interests of and addressing the obstacles to small businesses.
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Recognizing the Importance of Small Businesses

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The 30 million small businesses in the U.S. are the backbone of our economy and should remain a top priority at all times. Challenged by factors from big company competition to the new Department of Labor (DOL) overtime eligibility rule, small businesses often face the threat of being eradicated.

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SBA Funding Opportunity for Women Veteran Entrepreneurship Training

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Today, the U.S. Small Business Administration (SBA) Office of Veterans Business Development (OVBD) announced a $300,000 funding opportunity for women and veteran-owned businesses. The SBA’s Women Veteran Entrepreneurship Training Program anticipates giving out six awards as part of the funding opportunity, with a minimum amount of $25,000 per award.

Who Should Apply

The SBA is extending the funding opportunity to non-profit organizations, local or state agencies, private sector firms and higher learning institutions; beneficiaries of the program will range from veterans to women spouses of service members.

In their release, the SBA stated, “Successful applicants will be organizations with a demonstrated history of providing successful entrepreneurship training to women veterans, women service members, and women spouses of service members and veterans.”

A Q&A conference call will be held on November 30, 2016 at 3 p.m. EST. To join the conference call, dial 1-888-858-2144, access code 5817583#. For the opportunity to have your questions answered during the call, you must submit them to Janet Moorman at janet.moorman@sba.gov no later than November 16.

Facts on Women Veteran Owned Small Businesses:

  • As of 2012, women veterans owned 383,302 businesses generating $17.9 billion in sales
  • From 2007 to 2012, women veteran owned small businesses increased by 294.7 percent.

With Veterans Day 2016 fast approaching, we must remember to recognize and celebrate the contributions of our veterans and veteran business owners. This funding opportunity from the SBA is a great resource for these entrepreneurs whose success is vital to our country and economy.

The deadline to apply is December 12, 2016. For more information, please refer to program announcement No. WVETP-2017-01 at www.grants.gov.