Small Businesses Legislation to Provide New Model for Economic Growth

WASHINGTON – Today, At-Large Councilmember Kwame R. Brown introduced the “Small Business Stabilization and Job Creation Strategy Act of 2009.”  The legislation requires the Department of Small and Local Business Development (DSLBD) to provide stabilization services to small businesses and create an Executive and Entrepreneur Mentor-Protege Program amongst other initiatives.

“By investing in local, small businesses, we are planting the seeds for generations of economic growth,” said Councilmember Brown.  “Recent economic challenges have forced us to think outside the box, which means thinking outside of the Wilson Building.  If we can stabilize our small businesses, we can put District residents back to work.”

The District is facing 11.1% unemployment, which is among the highest in the nation.  With the support of his Council colleagues, Councilmember Brown provided $1.1 million for the “Get DC Residents Training for Job Now Act.”  District residents are now eligible to receive free job training provided in partnership with the University of the District of Columbia. (Visit www.ccdcwdp.org to find out more.)

Councilmember Brown also authored the legislation that led to the creation of DSLBD.  He believes that small business growth and job training for adults are keys to long-term economic stability.  The legislation he proposed today will help fuel small business growth and create jobs by:

• Starting specialized programs to assist Certified Business Enterprises (CBEs) in securing capital and repairing damaged credit;
• Establishing informational seminars on securing credit and loans;
• Providing one-on-one small business counseling with potential borrowers to improve financial presentations to lenders;
• Increasing access to traditional and non-traditional financing sources; and
• Helping build the green economy by preparing businesses to access new markets.

The legislation also seeks to maximize the benefits of technology by requiring the Department to establish online survival and growth tools.  In addition, the Department’s Director Lee Smith is empowered to found an Executive and Entrepreneur Mentor-Protege Program.  The diverse group will be led by mentors from across the District with a wide variety of economic and social backgrounds.

“I believe we are stronger when government and businesses unite in a common purpose,” concluded Councilmember Brown.  “We can harness the power of volunteer mentors and infuse our local businesses with new energy, knowledge and financing.”

For more information or to interview Councilmember Brown, please contact Press Secretary Michael Price at 202-445-4510 or mprice@dccouncil.us. 

 

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