LGBT Chamber applauds introduction of Small Business Innovation Act

Senator Baldwin introduces new legislation to strengthen small business throughout state 

MILWAUKEE —In an effort to strengthen small businesses, US Senator Tammy Baldwin recently introduced the Small Business Innovation Act of 2013, a bill which will give small businesses the opportunity to grow their business as well as create jobs.

“This legislation is great for Wisconsin small businesses,” said Jason Rae, executive director for the Wisconsin LGBT Chamber of Commerce. “We are very thankful for Senator Baldwin’s leadership to strengthen the state’s economy.”

According to the 2012 Kauffman Index of Entrepreneurial Activity, Wisconsin had the fourth lowest percentage of residents involved in entrepreneurial activity and the second largest decline in entrepreneurship within the past decade. Focusing on key growth sectors, Wisconsin is poised to benefit from this legislation.

Through the legislation, the Small Business Administration (SBA) will be authorized to provide up to $4 billion in leverage to Small Business Investment Companies (SBICs). This will allow small business to have more access to venture capital. It will be then used to finance small business operations, growth, expansion and modernizations.

“It is exciting to see what this legislation could do for the entrepreneurs in Wisconsin and across the country,” said Rae. “Not only can this help existing businesses, but it encourages motivated individuals to turn their ideas into reality.”

According to various reports, small businesses are currently creating two out of every three new jobs. The Small Business Innovation Act of 2013 will encourage entrepreneurship, which should result in the creation of more jobs in the state and around the country.

The Wisconsin LGBT Chamber of Commerce is an organization of gay, lesbian, bisexual, transgender and LGBT-allied businesses, professionals and individuals throughout the state of Wisconsin. It offers networking opportunities, business development efforts within the LGBT community and educational programming to its members.

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