August 30
Congress is still out of session, and August is National Black Business Month, so we’re bringing you a special edition of MORE POWER that covers bills that the authors wrote to support Black businesses and entrepreneurs.
This week in MORE POWER:
Investing in Black Artists
Creating More Bosses
Funds to Farmers
Resources for Entrepreneurs
Diversifying Transportation
Investing in Black Artists
There is a bill in the House that would provide support to Historically Black Colleges and Universities (HBCUs). Specifically, it would invest in arts programs and their students, making an arts education more accessible and affordable. The bill would also allow HBCUs to create well-paid apprenticeship, internship, and fellowship opportunities for arts students. H.R. 5895, To amend the Higher Education Act of 1965 to provide for additional uses of funds for grants to strengthen historically Black colleges and universities, and for other purposes, needs to pass the Education and the Workforce Committee before the full House can vote on it.
Creating More Bosses
The Minority Entrepreneurship Grant Program Act aims to support minority-serving institutions like HBCUs in promoting minority business ownership. The bill would establish a grant program through the Small Business Administration to fund programs that help minority students start and grow businesses. Additionally, it would also create an advisory board to provide guidance on improving support for entrepreneurs from historically underrepresented communities. So far, the Senate and House versions of this bill are still in committees.
Funds to Farmers
As business owners, Black farmers are a valuable and vulnerable part of National Black Business Month. Black farmers have faced decades of discriminatory and predatory practices resulting in staggering losses for Black families – John Deere reports that Black farmers have lost $326 Billion worth of land. The Biden administration announced that the U.S. Department of Agriculture (USDA) is paying over $2 billion to more than 23,000 Black and minority farmers who faced discrimination and applied to USDA’s Discrimination Financial Assistance Program (DFAP). Qualified farmers who applied received payments ranging from $10,000 to $500,000. DFAP made additional restitution payments ranging from $3,500 to $6,000 to 20,000 aspiring farmers who could not secure the USDA loans due to discrimination. The National Black Farmers Association, which represents the interests of Black farmers in the U.S., is seeking an additional $5 billion that was allocated to them in 2021 as part of a COVID-19 relief package. White farmers sued for discrimination, which stopped the program before Black farmers received the money.
Resources for Entrepreneurs
The Supporting Diverse Entrepreneurs Act would further support Black entrepreneurship by increasing the number of Minority Business Development Agency (MBDA) Business Centers close to HBCUs and other schools that primarily serve minority students. MBDA is a government agency dedicated to promoting the growth and development of minority-owned businesses. It provides resources such as business consulting and financial assistance to help businesses thrive. If this bill became law, the new business centers would offer support and services to meet the unique needs of minority entrepreneurs. The House has not voted on this bill yet, but public interest could move the process along.
Diversifying Transportation
There is a bill in the House that would make the Department of Transportation’s Disadvantaged Business Enterprise (DBE) program analyze and report on its efforts. The program exists to help socially and economically-disadvantaged small businesses compete for federal transportation contracts. The bill, called the Expanding Opportunities for Diverse Entrepreneurs Act, would mandate tracking outreach and training efforts, posting state reports online, and submitting an annual report to Congress. This bill is currently in the House’s Railroads, Pipelines, and Hazardous Materials Subcommittee.
What Congress Passed
Nothing – still on summer recess.
Nothing – still on summer recess.
Nothing.
What POTUS Signed Into Law
Nothing.
