[Congressional Record (Bound Edition), Volume 153 (2007), Part 7]
[Extensions of Remarks]
[Page 9713]
[From the U.S. Government Publishing Office, www.gpo.gov]




               INTRODUCTION OF MINORITY ENTREPRENEURSHIP

                                 ______
                                 

                        HON. ELIJAH E. CUMMINGS

                              of maryland

                    in the house of representatives

                         Monday, April 23, 2007

  Mr. CUMMINGS. Madam Speaker, I rise today to announce the 
reintroduction of the ``Minority Entrepreneurship Development Act,'' a 
bill designed to address economic inequality in minority communities by 
fostering business development and entrepreneurship.
  The numbers explain why this legislation is necessary. Strikingly, 
the average income for African Americans is only equal to 62 percent of 
that earned by Whites. More than 40 years after the last Jim Crow laws 
were repealed by the Civil Rights Act of 1964, the economic value of 
blacks is still about three-fifths that of whites.
  The average incomes of Native Americans and Latinos are similarly 
unbalanced, with the income in those communities equaling 65 and 74 
percent respectively of the income earned by Whites. This race-based 
``wealth gap'' is simply unacceptable.
  All Americans deserve the right to share in the American Dream, 
regardless of their race or ethnicity.
  We know that small business development has provided great 
opportunities for minority communities. Minority-owned businesses 
promote personal economic growth, provide employment opportunities, and 
support local economies.
  Everyone wins when minority-owned businesses thrive.
  That is why I have introduced the ``Minority Entrepreneurship 
Development Act of 2007,'' to help promote these vitally important 
enterprises.
  The legislation would set up a $15 million, three-year pilot program 
to promote small business development in colleges and universities that 
serve African American, Native American and Latino communities.
  Through grants of up to $1 million, the institutions would provide 
students who are not business majors with the tools necessary to use 
their area of expertise as entrepreneurs.
  The bill would also allow institutions to set up Small Business 
Development Centers to conduct research and provide training, 
counseling, capacity building and niche market development services to 
start-up entrepreneurs.
  The legislation garnered support from 42 of my colleagues in the 
109th Congress, and is the companion to S. 98, which was introduced by 
Senator John Kerry of Massachusetts in January.
  In the past, this legislation was supported by the American Indian 
Higher Education Consortium, the National Association for Equal 
Opportunity in Higher Education, and the Hispanic Association of 
Colleges and Universities. I again look forward to their support and 
working with them to implement this important piece of legislation 
during the 110th Congress.
  A great legacy of the American Dream has been the opportunity for 
ordinary citizens to improve their livelihoods by starting their own 
business, and minority communities deserve a chance to share in that 
dream.
  I would like to urge all of my colleagues to join me in this 
important initiative by becoming a cosponsor of the ``Minority 
Entrepreneurship Development Act of 2007,'' and by working to ensure 
its swift passage.

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