Rep. Stansbury Champions Small Businesses in New Legislation

WASHINGTON, D.C. — U.S. Representative Melanie Stansbury (NM-01) introduced the Innovation and Empowerment for Startups Act creating grant programs for incubators and accelerators across the country to support women-owned and rural businesses. 

"Small businesses run our country, grow our communities, and strengthen the working class," said Rep. Melanie Stansbury (NM-01). "With a focus on women-owned and rural businesses, the grants established by the Innovation and Empowerment for Startups Act will create more pathways for Americans to achieve their dreams of business ownership." 

Read the bill. 

Small businesses are generally defined by the Small Business Administration (SBA) as firms with fewer than 500 employees. 

The SBA Office of Advocacy found, nationally, 33.3 million small businesses made up 99.9% of U.S. businesses with 61.6 million people or 45.9% employed by those businesses. 

In New Mexico there were 158,296 small businesses in 2023 making up 98.9% of businesses in the state. Overall, there were 345,088 small business employees or 52.9% of employees in New Mexico. SBA data showed women made up 47.2% of workers and owned 47.1% of businesses. 

The Innovation and Empowerment for Startups Act would:  

• Create a grant program through the Office of Entrepreneurial Development with the Small Business Administration for incubators and accelerators who serve women owned and rural small businesses  
• Establish the eligible activities that the grant funding would allow which include but are not limited to: providing consulting, training, shared facilities and resources to eligible small businesses and providing educational opportunities to women owned and rural small businesses on topics such as marketing strategy, public relations, website marketing and social media, business planning, financial planning and analysis, and other opportunities, as determined by the recipient.  

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