Nicholas Ballasy, PJMedia, March 14, 2018
Sen. Tim Scott (R-S.C.) said there is “no faster way” to lower the unemployment rate in minority communities than to ensure greater access to capital for businesses, which helps increase the number of entrepreneurs in local communities and creates new jobs.
Scott said HBCUs “start creating the antidote to the high and persistent unemployment rate in our communities” when the “entrepreneurial spirit” is alive on campus and students are “interfacing” with the business community.
“There is no faster way to drive that down than making sure we have more entrepreneurs present in those communities where the unemployment rate is the highest,” he said.
PJM asked Scott for his recommendations on ways the federal government should assist local entrepreneurs, franchise owners and small businesses.
“There’s a regulatory burden. There’s a tax burden, but we’ve scaled back on both of those. I think we’ve had a very successful year on scaling back a couple of the hurdles but the ones that remain – access to capital is perhaps the largest one,” Scott said. “If you’ve got the talent, the wage will take care of itself. And if you have the market – if you don’t have the market and the talent, none of it works together.”
Rep. Mark Walker (R-N.C.), chairman of the Republican Study Committee, encouraged members of Congress to reach out to their local elected officials and work together to foster a welcoming environment for new local business owners and HBCU graduates.