Washington, DC – U.S. Representatives Young Kim (CA-39) and Angie Craig (MN-02) introduced the SCORE for Small Business Act of 2022 (H.R. 6450), a bipartisan bill to reauthorize the SBA’s SCORE program, which provides education and mentorship services for entrepreneurs.
The SCORE for Small Business Act would:
- Reauthorize $13.5 million for the program for two years;
- Ensure the SBA prevents abuse and misuse of funds; and,
- Expand counseling and training programs to provide online webinars, electronic mentoring platforms and online toolkits to better serve small businesses
“The SCORE program provides vital mentoring and education programs that have proven to be a lifeline to business owners and entrepreneurs working hard to overcome challenges and succeed,” said Rep. Kim. “I’m grateful for Rep. Craig’s partnership in pushing for continued investment in the success of our small business owners. Our small business owners are job creators and economic engines in our communities, and I’ll continue to do all that I can to help them thrive.”
“Small businesses, which represent more than 93 percent of employers in Minnesota’s Second Congressional District, are the economic engine of our communities,” said Representative Angie Craig. “It’s critical that we give every entrepreneur – regardless of their zip code – all the resources and logistical support they need to launch their businesses and grow our local economies. I am pleased to help introduce this commonsense bipartisan legislation with Representative Kim and to ensure undeserved communities continue to grow and succeed.”
“As the nation’s largest network of volunteer small business mentors, SCORE is dedicated to helping small businesses get off the ground, expand and succeed,” said Bridget Weston, CEO, SCORE. “We are grateful to Congresswomen Young Kim and Angie Craig for their leadership and support of our mission to foster vibrant small business communities and our vision of providing every entrepreneur with the support they need to thrive.”
“U.S. Representative Young Kim (CA-39) will be introducing The Score For Small Business Act of 2022 which would reauthorize $13.5 million for the program for two years. Being that the Yorba Linda Chamber of Commerce and its members have been a major benefactor of this valuable program and all its opportunities, we strongly support this legislation. Along with being the home for Richard Nixon, Yorba Linda is also the home for numerous small businesses. Our city embraces its rich history and small town feel which inherently lends itself to many small businesses. SCORE, a partner of the Small Business Administration, helps to provide workshops and customized counseling for local entrepreneurs, and small businesses like those in our community. Educating our small business owners today helps to create a better business environment for tomorrow, which is why the Yorba Linda Chamber of Commerce strongly supports Congresswomen Young Kim, and her Score For Small Business Act of 2022,” said Alex Hernandez, Community Relations, Yorba Linda Chamber of Commerce.
About SCORE:
Since its founding in 1964, SCORE has helped more than 11 million aspiring entrepreneurs to start, grow, or troubleshoot a small business. In 2020 alone, SCORE helped start 45,027 new businesses and created 74,535 new jobs. Despite the challenging business climate of the COVID-19 pandemic, 89 percent of SCORE clients stayed in business throughout 2020.
SCORE provides a remarkable rate of return on federal investment. In Fiscal Year 2020, SCORE clients returned $67.35 in new federal tax revenue for every $1 appropriated to SCORE, (returning $788 million in total). SCORE also remains an efficient, effective business formation and job creation engine, with a $156.97 cost to create a new job and $259.84 cost to create a new business in Fiscal Year 2020.
