Policy Priorities For the 118th Congress
Nation’s Leading Nonprofit Small Business Lender Announces its Policy Priorities for the 118th Congress
FOR IMMEDIATE RELEASE
Janel Knight Trulear
January 31, 2023 – Accion Opportunity Fund (AOF), the nation’s leading nonprofit lender providing small businesses with access to responsible capital, networks and coaching, has published its public policy priorities for the 118th Congress in an effort to help small business owners thrive in a challenging economy.
During the pandemic, lawmakers from both sides of the aisle worked together to pass key legislation to help overlooked and underfunded small businesses gain access to capital. These efforts included allocating unprecedented funding for the Community Development Financial Institutions (CDFIs) Fund, re-initiating the State Small Business Credit Initiative, and issuing billions of dollars in relief via the Paycheck Protection Program.
AOF hopes the 118th Congress will broaden small business support by: 1) increasing capital for underfunded entrepreneurs using public-private partnerships, which have proven effective at driving capital into the hands of underinvested small business owners and their communities; 2) finding ways to reach entrepreneurs across state lines without incurring additional regulatory burden; and 3) providing small businesses with the same borrower protections that individuals are due when accessing consumer credit.
“Policymakers have an opportunity to expand on the success of programs established during the pandemic,” said Dr. Joshua Miller, Vice President of Policy and Research at Accion Opportunity Fund. “For the 118th Congress, we envision a legislative session that builds upon the bipartisan progress made to support our nation’s most underinvested entrepreneurs. Accion Opportunity Fund is pleased to present our vision and strategy for a more fair and equitable financial system.”
Miller and AOF staff met with members of the Senate Community Development Finance Caucus (CDFC) throughout the month of January to discuss AOF’s priorities. The bipartisan caucus was formed last year and is dedicated to supporting the missions of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to scale their activities and fuel more lending in low- and moderate-income (LMI) communities.
You can read AOF’s public policy priorities for the 118th Congress here
About Accion Opportunity Fund
Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation’s small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. Through innovative partnerships and outreach strategies, we reach entrepreneurs of color, low-income entrepreneurs, and women, who often lack access to the financial services they need to build and grow their businesses. Accion Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609. Visit our website to learn more about business growth resources and funding opportunities.