U.S. Rep. Jason Crow, a Democrat and military veteran representing Colorado’s Sixth Congressional District, helped defend and bolster small businesses.

Without small businesses, the United States would not be the country in which people of all educational, financial, religious and ethnic backgrounds may succeed and lead good lives by putting in a good day of work.

Without small businesses, we would not have big business. Whether we talk about Microsoft, Whole Foods, Facebook, Google or other giants of commerce, we can trace the start of nearly every major company to an entrepreneur pursuing an idea in a basement, garage or spare bedroom.

Small businesses provide 48% of American jobs and make up 43.5% of the U.S. Gross Domestic Product.

For these reasons and more, Coloradans should be proud of U.S. Rep. Jason Crow, a Democrat and military veteran representing Aurora and the rest of Colorado’s Sixth Congressional District, for defending and bolstering small businesses. Along with Colorado Democratic Sen. John Hickenlooper and South Carolina Republican Sen. Tim Scott and others, Crow spearheads a bipartisan congressional effort to enact the Expanding Access to Credit for Small Business Act.

The bill would allow and ease the ability of “fintech” companies to offer loans to small businesses that too often encounter obstacles when seeking more traditional financing. As explained by, fintech ranks among the fastest-growing industries in the United States.

“It blends the innovative nature of technology with the idea of simplifying the needs of the finance industry, which has become stagnant in some ways,” AskMoney explains.

“Mobile banking, mobile payments, crowdfunding, cryptocurrency and blockchain are a few examples of fintech. Many of the biggest fintech companies are built on technology that makes investing, managing wealth and purchasing insurance easier and more accessible for consumers.”

Crow’s bill represents one of the multiple examples of the pandemic leading to out-of-the-box ideas that should improve our lives.

“At the height of the coronavirus pandemic, millions of rural and minority small-business owners did not have access to banks, which made it difficult for them to access the Paycheck Protection Program and other financial services,” Crow says.

“The Expanding Access to Credit for Small Business Act will allow fintech companies, many of which helped fill that gap, to also participate in the program so they can provide our small businesses with the resources they need.”

The bill would:

• remove the moratorium on new Small Business Letters of Credit licenses

• reappropriate unused COVID funds from stimulus bills to be used by the Small Business Administration to provide oversight of Letters of Credit licenses

• include reporting requirements to gauge the success of the program

• include a rule to prohibit the Small Business Administration from becoming the primary regulator of fintech companies

• require the Small Business Administration to check for financial soundness and compliance when considering new applicants to the program.

Easier access to responsibly managed credit will expand our country’s tradition of entrepreneurial innovation and production. That means more solutions to a myriad problems, more good jobs, and an ever-increasing standard of living for people of the United States and the countries we trade with.

Crow and Hickenlooper deserve Colorado accolades for finding ways to support and encourage the growth of small businesses we rely upon.

The Gazette Editorial Board

Load comments