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During the first-ever Small Business Symposium, California Secretary of Transportation Toks Omishakin announced that the state and federal governments are committed to making investments in small businesses to expand opportunities. The state has received over $42 billion in Infrastructure Investment and Jobs Act (IIJA) funds, including more than $29 billion for transportation-related projects. In the fiscal year 2022-2023, over $961 million was awarded to small businesses in California, surpassing the mandated participation goal of 25% by 9.4%. Assembly Bill (AB) 2019 codifies a 25% small business goal for state procurement and enhances the ability of state agencies to include small and underserved businesses in state contracting. The symposium featured representatives from state agencies and departments discussing opportunities available for small businesses interested in working with the state.
President Joe Biden’s Investing in America agenda (IIA) is delivering generational investments to grow America’s economy, restore competitiveness, tackle climate change, and reshore manufacturing. The Investing in America economic agenda has fueled a historic nationwide Small Business Boom, with the first, second, and third strongest years of new business applications on record occurring in Biden’s first three years in office. New Census data shows that the United States has exceeded 17 million new business applications filed since 2021 — including 73,000 in Montana. The Investing in America agenda refers to four major bipartisan laws signed and enacted during President Biden’s first three years in office: The American Rescue Plan Act, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. These four laws have set in motion a rebuilding of roads, bridges, airports, strengthening supply chains, upgrading clean energy and clean water systems, and much more. To help entrepreneurs access the benefits of these four new laws, the Small Business Administration (SBA) launched its new Investing in America Small Business HUB, which provides resources, funding opportunities, and support for small businesses. The HUB includes guides to help entrepreneurs access grants, contracts, and market opportunities, as well as SBA resources for accessing capital and certifications. The SBA will also host local events and webinars to connect directly with small businesses and provide assistance on accessing contracting opportunities and incentives. Entrepreneurs are encouraged to visit the SBA's website and the Investing in America Small Business HUB for more information.
On December 13, 2024, the Biden Administration announced nearly $15 million to support small and medium-sized manufacturers (SMMs) in the U.S. This funding aims to improve energy efficiency and reduce emissions, led by the U.S. Department of Energy (DOE). Grants of up to $300,000 will be provided to 57 SMMs through the ITAC Implementation Grants program, with a projected annual CO2 emissions reduction of over 33,000 tons. Notably, 18 projects are located in disadvantaged communities as part of the Justice40 Initiative. This funding is expected to attract an additional $33.2 million from private sector investments. The ITAC program has assessed over 21,000 facilities and has awarded more than $40 million to 219 businesses across 38 states, with projected energy savings from funded projects estimated at $21.2 million annually.
As part of the broader efforts under the Investing in America agenda, the administration is also releasing a new Climate Capital Guidebook, which provides a comprehensive map of capital programs available to climate-related start-ups and small- and medium-sized businesses. The guidebook aims to expand access to climate capital and ensure that all communities can benefit from these resources. The Small Business Administration is also expanding financing options to support small businesses in adopting clean energy technologies.
Several government agencies are offering significant funding tools for clean energy and climate projects. The Department of Energy, Department of Agriculture, Small Business Administration, and Export-Import Bank of the United States collectively offer hundreds of billions of dollars in grants, loans, and other funding options. The U.S. Patent and Trademark Office provides incentives for innovations that mitigate climate change, while the U.S. Economic Development Administration has designated Regional Technology and Innovation Hubs to drive regional innovation in clean energy technologies. The Small Business Administration has launched the Investing in America Small Business Hub to help small businesses access industry-specific opportunities.
Furthermore, the Department of Housing and Urban Development and the Department of Energy are collaborating to deploy clean energy technologies in affordable housing. The administration is also supporting commercial innovation through patent programs and funding initiatives. These measures aim to mobilize capital and resources to support small climate businesses and achieve the administration's climate goals.
Small Business Administration Regional Administrator Aika Marcoulier states that President Biden’s Investing in America agenda is delivering generational investments to grow America’s economy, restore competitiveness, tackle climate change, and help thousands of small businesses access investment opportunities [1a838b4d].
Geri Sanchez Aglipay discusses how the Investing in America agenda benefits small businesses and job creation in the Badger State. The agenda focuses on infrastructure investments, clean energy, and workforce development. Aglipay emphasizes the positive impact of these investments on local businesses, job growth, and economic development. She highlights the need for bipartisan support to pass the agenda and ensure long-term benefits for Wisconsin. The article provides an overview of the agenda's key components and its potential to drive economic recovery and prosperity in the state [7828bd54].