A pair of lawmakers have introduced a measure they said creates a new grant program for nonprofits, business districts and Main Street organizations via the Economic Development Administration (EDA).
Sens. Roger Wicker, (R-MS) and Alex Padilla (D-CA) introduced the Revitalizing Small and Local Businesses Act, which would authorize $250 million over the next five years to fund community-based initiatives aiding small businesses in identifying resources and developing skills to retain and create jobs.
“The coronavirus pandemic hit small businesses in local communities across the country,” Wicker, ranking member of the Senate Committee on Commerce, Science and Transportation, said. “This legislation would support economic development on Main Streets in small towns across America and in Mississippi. It would also empower rural, low-income, and minority-owned businesses through direct funding and technical assistance.”
Padilla said the holiday shopping season serves as a reminder of how important small businesses are to communities and local economies.
“Sadly, the COVID-19 pandemic has had a devastating impact on many small businesses, particularly those in low-income, rural, and minority communities,” he said. “As we work to build back better, we cannot leave main street behind. The Revitalizing Small and Local Businesses Act would provide funding to organizations that support our small businesses, leveraging their expertise and knowledge of local neighborhoods to help entrepreneurs thrive.”