The Senate called on a handful of business experts to testify Wednesday that a lack of diversity is partially to blame for a decline in business startups.
The Senate Committee on Small Business and Entrepreneurship called the hearing to figure out what government should do to promote startup growth. The business experts pointed to issues like high regulatory and tax burdens for why there is a decline in startups. Democratic Sen. Jeanne Shaheen sparked a conversation on diversity when she asserted woman entrepreneurs face tougher obstacles.
“Woman are fairing badly when trying to access capital,” 1776 Founder Donna Harris testified before the committee. “One thing we can do is have woman in the room when discussing venture funding.”
Sheehan noted woman are less likely to get loans and investments when trying to start a business. Her solution is making sure federal grants are being more fairly distributed to female entrepreneurs. She also noted the government can do more to help fund immigrant business owners. Republican Sen. Tim Scott said funds could also be diverted to help underfunded communities.
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