US Senate News:
Source: United States Senator for Rhode Island Jack Reed
WARREN, RI — In an effort to highlight how local small businesses strengthen the culture and fabric of the communities they serve and fuel economic growth and job creation, U.S. Senator Jack Reed, a senior member of the Appropriations Committee, today joined with the head of the U.S. Small Business Administration (SBA) to tour Rhode Island small businesses and meet with small business leaders, entrepreneurs, and employees.
SBA Administrator Isabella Casillas Guzman is a member of President Biden’s Cabinet and the federal point person for America’s 32.5 million small businesses nationwide.
Today, she joined Senator Reed for a small business tour that included stops at local shops, restaurants, and studios. The day began with breakfast at Pazi’s Place, a 1950s-style diner in East Providence, where Administrator Guzman met with small business leaders and received an honorary key to the City from East Providence Mayor Bob DaSilva.
Under the Biden Administration, the SBA has prioritized fighting inflation, strengthening supply chains, and delivering targeted pandemic-relief. During the tour, which also included several stops at places like O&G Studio, Taylor Box Company, and Hope & Main, SBA Administrator Guzman highlighted the role of small businesses in fueling our nation’s historic economic recovery and the importance of buying American-made products to help build a strong and stable economy.
“Small businesses have a big impact on our economy. They are the lifeblood of our communities. It was great to have SBA Administrator Guzman here in Rhode Island. She got a chance to see some of our amazing, innovative small businesses and hear directly from small business owners and employees about some of the challenges and opportunities they face. I appreciate her tireless efforts to connect directly with small business people and ensure the federal government is responsive to their needs,” said Senator Reed. “Our economy has come a long way. We have built a really strong business support ecosystem here in Rhode Island, and I’m proud to deliver federal funds to help small businesses grow. The SBA and the Rhode Island Small Business Development Center offer free technical assistance, counseling, and training. So we’re trying to make those connections, expand opportunities, and help local businesses compete and succeed.”
Since the start of the pandemic, Rhode Island businesses and non-profits have received about $4 billion from SBA programs.
An average of two-thirds of every dollar ($0.67) spent at small businesses in the U.S. stays in the local community. And every dollar spent at small businesses creates an additional 50 cents in local business activity as a result of employee spending and businesses purchasing local goods and services, according to the Small Business Economic Impact Study from American Express.