[Congressional Record Volume 170, Number 31 (Friday, February 16, 2024)]
[Extensions of Remarks]
[Page E159]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     NATIONAL ENTREPRENEURSHIP WEEK

                                 ______
                                 

                            HON. GLENN IVEY

                              of maryland

                    in the house of representatives

                       Friday, February 16, 2024

  Mr. IVEY. Mr. Speaker, as we recognize National Entrepreneurship Week 
and Black History Month, I rise today to highlight the accomplishments 
and challenges of America's Black-owned small businesses.
  Black business ownership is growing at the fastest pace in 30 years 
with the share of Black households owning a business doubling between 
2019 and 2022. However, Black-owned small businesses still face 
distinct challenges, particularly as it relates to accessing capital, 
securing contracts, and navigating systemic biases within financial 
institutions and markets. Limited access to funding restricts the 
ability to scale and compete on an equal footing with their 
counterparts, hindering their potential for long-term success and 
growth.
  Due to limited credit access, higher shares of Black employer 
businesses are forced to turn to alternative forms of financing. 
According to the Alliance for Entrepreneurial Equity, 49 percent of 
firms who pursue financing at an online lender do so because they were 
denied by other financial institutions.
  One of my constituents who has faced these types of challenges is 
Tiffany Kelly, the owner and founder of House of Ketubah Bridal in 
Mount Rainier, Maryland. Tiffany told me that her business has been 
overlooked and excluded from financing opportunities. But she hasn't 
abandoned hope. Tiffany and her team continue to explore alternative 
avenues and innovative solutions to ensure that they can continue to 
serve their customers and the community.
  I urge my colleagues to work together to solve the access to capital 
challenges faced by small businesses and to consider the unique needs 
of minority-owned businesses during Black History Month.

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