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Rep. Stevens Introduces Legislation to Expand Entrepreneurship Opportunities for Minority-Owned Businesses

July 28, 2021

Washington, DC– Today, Rep. Haley Stevens (D-MI) introduced the Increasing Developing Entrepreneurship Access (IDEA) Act of 2021. This legislation will create a grant program to develop a network of business accelerators that promote growth for minority-owned businesses through enhanced access to capital, business networks, and supply chains. The IDEA Act of 2021 fuels more equitable economic growth and wealth-building in regional economies by appropriating $25,000,000 for each fiscal year through 2026.

 

“There can be no denying that the COVID-19 pandemic has hit our small, minority-owned businesses the hardest.” said Rep. Haley Stevens (D-MI). “One of my top priorities in Congress has always been strengthening and uplifting Michigan business, and a big part of that job is ensuring that economic development opportunities are equitable and available to all. As we continue to recover from the effects of this pandemic, it is crucial that we support our businesses by offering these vital resources. I am excited to introduce this piece of legislation that will strengthen our economy and promote growth among minority-owned businesses in Michigan’s 11th District.” 

 

The challenge grant program established from the IDEA Act of 2021 will expand entrepreneurship opportunities among minority-owned businesses by providing investment and networking opportunities, offering start-up capital or opportunities to raise capital from outside investors, and by engaging in partnerships with public or private organizations that target minority business enterprises. 

 

Rep. Stevens sits on the House Committee on Education and Labor and Co-Chairs the New Democrat Coalition’s Future of Work and Capitalism Task Force, where she works on both to enhance manufacturing, innovation, and education opportunities and bolster Michigan small business. 

 

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