Andy Kim Wants to Cut the Red Tape for Small Business Owners
Are you a small business owner? If so, Congressman Andy Kim (D-NJ) introduced legislation earlier this month with you in mind. The Small Business Regulatory Relief Act, which Kim introduced with Senator Jeanne Shaheen (D-NH), aims to help small businesses navigate the excessive red tape and help them grow. “Small business owners face enough challenges every day, it’s up to Congress to help clear their path so they can grow and create jobs,” said Kim. The measure would give the Small Business Administration’s (SBA) Office of the National Ombudsman the authority to work with federal agencies to provide meaningful compliance assistance and improve its outreach to help small businesses. The bill would also establish a single point of contact at each federal agency to work with the Ombudsman, which the members say would improve efforts to help small business owners navigate federal regulations. “The Ombudsman’s office is a great resource to small business owners looking to navigate their way through a sea of red tape. By making it more efficient, we can make it more effective and we can help empower our small business owners in New Jersey and throughout the country,” Kim said. There are currently more than 28 million small businesses in the U.S. The SBA states that 30% of new businesses fail during the first two years of being open, 50% during the first five years, and 66% during the first 10. Of note: Latinxs make up 17% of the total U.S. population, but the percentage of Latinx-owned businesses was only 10.3% in 2012. African Americans make up 13.2% of the population and own 11% of the country’s small businesses. We could not find the most recent accurate data for AAPI and Native American communities and small businesses. More on Kim’s bill here.