“America’s small business owners deserve a modern Small Business Administration (SBA). Small businesses are the backbone of our economy and employ nearly half of the nation’s workforce, but Congress hasn’t reauthorized the SBA – providing the critical review and creation of resources necessary to modernize – in more than 20 years,” reads the letter signed by more than 3,000 small businessmen sent to Congress.

With the goal of modernizing the SBA to meet the current needs of small businesses, this new bipartisan advocacy campaign has the support of both Republican and Democratic Senators and will include an active campaign of public events and paid advertisements.

Jill Bommarito, founder and CEO of Ethel’s Baking Company in Shelby Township, Michigan, stated:

This is an issue that touches every community in every state across our country. It’s critical that we get the job done.

Bipartisan effort

Led by Goldman Sachs 10,000 Small Businesses Voices, this new grassroots advocacy campaign, kicking off as Congress returns to session after the midterm elections, seeks to encourage lawmakers to reauthorize the SBA in 2023 for the first time in more than two decades. 

The letter, which had the signatures of small business owners from all 50 states, seeks to ensure that the voices of these entrepreneurs are heard by Washington. In addition, a bipartisan Connected Television (CTV) ad was featured featuring Republican and Democratic senators calling for a modernized SBA.

“Congress helped small businesses get through the COVID-19 pandemic. Now, with a possible recession looming, it’s more important than ever that policymakers ensure the Small Business Administration is best-equipped to meet the needs of today’s small business owners,” added Bommarito. 

The #10KSBVoices community has sent an open letter to Congress–signed by over 3,000 #smallbiz owners from all 50 states–encouraging lawmakers to reauthorize the Small Business Administration in 2023 for the first time in more than two decades. Learn more: https://t.co/46IAMEUUYe pic.twitter.com/vyHxNpI3I0

— 10,000 Small Businesses (@GS10KSmallBiz) November 16, 2022

Insufficient efforts

Although Congress has issued various policies to benefit small businesses, it has yet to ratify a new authorization for the SBA, something that, according to those who promote the initiative, would allow legislators and the administration itself to step back and do questions about its mission and structure.

The businessmen trust that after the political scenario that was configured after the last midterm elections, this is one of the projects in which the members of both parties can work together to obtain results.

“Few things are as important as ensuring that small business owners have the tools and resources they need to get ahead. That’s why we are fully committed to ensuring that Congress reauthorizes the SBA next year for the first time in 22 years so that federal government programs and services are tailored to better meet the needs of small business owners today,” stressed Joe Wall, Goldman Sachs 10,000 Small Businesses Voices National Director.