WASHINGTON, D.C. – The Committee on Small Business recently held a hearing to review the state of small businesses in America. The hearing, titled "A Year in Review: The State of Small Business in America," was chaired by Roger Williams (R-TX). Chairman Williams emphasized the importance of small businesses in the nation's economy, stating, "Our nation's economy is dependent on small businesses, and our entrepreneurs should be celebrated every day."
During the hearing, Chairman Williams had a conversation with Mr. Boyle, an entrepreneur who owns and operates seven different businesses in various industries. Chairman Williams commended Mr. Boyle's drive and asked for advice for aspiring entrepreneurs. Mr. Boyle responded, "Well, I would have to give that the advice is to do it...take the bull by the horns and get it done and push through it."
The discussion also touched on the challenges faced by small businesses, such as fluctuating fuel costs. Chairman Williams asked Mr. Boyle how he navigates these costs, to which he replied, "We've been implementing fuel surcharges...I've seen that as high as 27 percent, which I could not imagine being able to operate with a 27% surcharge."
Another topic addressed during the hearing was the need for workforce development and the importance of trades. Representative Van Duyne highlighted the value of trade knowledge and experience, stating, "Once you have that knowledge, once you have that experience, you can basically charge anything you want." She also mentioned efforts to introduce trades to students in local schools, asking Mr. Thompson if he is involved in similar initiatives. Mr. Thompson responded, "We're working with Stephenville High School...part of our problem in our area is there's not enough people out there to teach some of these vocations."
The impact of interest rate increases on small businesses was also discussed. Representative Mann asked Mr. Grech, who works with thousands of small businesses, about the consequences of these increases. Mr. Grech acknowledged the challenges faced by small businesses, including high interest rates, inflation, supply chain issues, and a lack of skilled staff. He stressed the need for support from the committee, stating, "I think there's just an incredible need and role for this committee to help because I think 2024 will be another challenging year."
The hearing provided valuable insights into the state of small businesses in America. It highlighted the resilience and determination of entrepreneurs like Mr. Boyle, the importance of trades and workforce development, and the challenges faced by small businesses in a changing economic landscape. As the Committee on Small Business continues its work, it aims to address these issues and enact policy solutions that will support and empower small businesses across the country.
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Committee on Small Business Holds Hearing to Review the State of Small Businesses Over the Year
Dec 12 2023
To learn more, click on this link: https://smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=405826
