The “Spurring Business in Communities Act,” unveiled in October by Republican Representative Cathy McMorris Rodgers received cosponsors in Democrat Representative Stephanie Murphy and Senator Marco Rubio, who was backing a similar bill in the Senate. With the legislation, the intent was to boost small businesses in underrepresented stated by offering them more access to loans and capital.
Now, the legislation is headed to President Trump’s desk for him to sign into law.
Murphy commented on the effectiveness of the legislation, saying that “As a former businesswoman, I know how important growth capital is to starting and sustaining a successful small business. Securing private capital remains a challenge for too many businesses. I am incredibly proud that our bipartisan legislation to support small businesses and boost private sector job creation is now law.”
It’s also important to note that Murphy is the top Democrat on the U.S. House Small Business Committee’s Subcommittee on Contracting and Workforce. This is also the 19th legislation that Murphy has either introduced or cosponsored that has been signed into law in a year that’s seen her take on a leadership position for Florida Democrats. And, she’s only just finishing up her first term in office.
McMorris Rogers also shared her thoughts, having been the voice guiding the legislation. She explained that “Small businesses are the backbone of our economy, providing two out of every three new jobs in America and serving as a foundation for our communities. Small Business Investment Companies serve an important function in providing capital and support to these job creators, however, there are currently none here in Washington state. My bipartisan bill, which now heads to the president’s desk to become law, will make it easier for them to form here in Eastern Washington and invest in our community and local small businesses.”