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HR 354

Small Business Growth Act

119th Congress Introduced by Vern Buchanan and 8 co-sponsors

The Small Business Growth Act boosts U.S. small businesses by enhancing access to capital, reducing regulations, and promoting innovation to create jobs and drive economic growth.

Introduced in House
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Bill Summary · HR 354

Summary of HR 354: Small Business Growth Act

Bill Number: HR 354
Title: Small Business Growth Act
Status: Introduced in House
Introduced Date: January 13, 2025
Classification: Bill

Purpose and Intent

The Small Business Growth Act aims to stimulate economic growth by providing targeted support to small businesses across the United States. The bill seeks to enhance access to capital, reduce regulatory burdens, and promote innovation within the small business sector. By fostering a more conducive environment for small businesses, the legislation intends to create jobs and drive economic development.

Key Provisions

While the full text of the bill is not provided, the following key provisions are anticipated based on the title and intent of similar legislation:

  • Access to Capital:

    • Establishment of new grant programs and low-interest loan options specifically for small businesses.
    • Expansion of existing Small Business Administration (SBA) loan programs to include more favorable terms for startups and underserved communities.

  • Regulatory Relief:

    • Streamlining of compliance requirements for small businesses to reduce administrative burdens.
    • Temporary suspension of certain regulations that disproportionately affect small businesses during economic downturns.

  • Innovation and Technology Support:

    • Creation of initiatives to support small businesses in adopting new technologies and innovative practices.
    • Funding for research and development grants aimed at small enterprises.

  • Training and Resources:

    • Provision of resources and training programs to help small business owners improve their operational efficiency and market competitiveness.

Who Would Be Affected

The Small Business Growth Act primarily targets:

  • Small Business Owners:
    Entrepreneurs and small business owners across various sectors who seek financial assistance and reduced regulatory burdens.

  • Startups:
    New businesses looking for initial funding and support to establish themselves in the market.

  • Underserved Communities:
    Small businesses in economically disadvantaged areas that may struggle to access traditional funding sources.

  • Employees:
    Workers employed by small businesses who may benefit from job creation and enhanced job security as a result of the bill's provisions.

Procedural Aspects

  • Legislative Actions:

    • The bill was introduced in the House on January 13, 2025, and has been referred to the House Committee on Ways and Means for further consideration.

  • Next Steps:

    • The committee will review the bill, hold hearings, and may propose amendments before it is brought to the floor for a vote.

Conclusion

The Small Business Growth Act represents a significant legislative effort to bolster the small business sector, which is a critical component of the U.S. economy. By focusing on access to capital, regulatory relief, and support for innovation, the bill aims to empower small businesses to thrive and contribute to economic growth. As the bill progresses through the legislative process, further details and specific provisions will be clarified.

Compiled from official sources — confirm details with the bill’s official record.

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