Washington, DC – Today, the House of Representatives passed the SCORE for Small Business Act of 2022 (H.R. 6450), a bipartisan bill led by U.S. Representatives Young Kim (CA-39) and Angie Craig (MN-02) to reauthorize the Small Business Administration (SBA)’s SCORE program to provide education and mentorship services for entrepreneurs.
The SCORE for Small Business Act would:
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Reauthorize $13.5 million for the program for two years;
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Ensure the SBA prevents abuse and misuse of funds; and,
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Expand counseling and training programs to provide online webinars, electronic mentoring platforms and online toolkits to better serve small businesses
“The SCORE program has proven to be a lifeline for small businesses, providing vital mentoring and education programs for entrepreneurs working hard to adapt to challenges from lockdowns to rising costs,” said Rep. Kim. “I am grateful to my colleagues for supporting my bill with Rep. Craig to continue to invest in the success to our small businesses. Our small business owners are job creators and economic engines of communities across the nation and I’ll keep doing all I can to help them thrive.”
“The real-world, experienced mentorship that the SCORE program provides launched more than 45,000 businesses in 2020 alone, with a return on investment of over $67 for every $1 in federal appropriations,” said Rep. Craig. “For the sake of our small business community, it’s critical that we invest in and expand this critical program. I’m proud to join Representative Kim in this bipartisan effort and proud to see our legislation pass the House today.”
The bill was endorsed by the 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.
In 2021, the SCORE chapter in Orange County helped to start 269 new businesses and create nearly 4,000 jobs.
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.
