BY BRONX TIMES
On Thursday, Rep. Ritchie
Torres’s LGBTQ Business
Equal Credit Enforcement
and Investment Act (H.R. 1443)
passed the U.S. House by a bipartisan
vote of 252-156. The
bill would require financial
institutions to collect data on
LGBTQ-owned businesses’ access
to credit and capital, and
amend part of the Equal Credit
Opportunity Act, which requires
financial institutions to
collect data on credit applications
submitted by minority-
and women-owned small businesses.
“This bill would make
credit more accessible, credit
laws more enforceable, and
creditors more accountable,”
Torres said. “It represents a triumph
of transparency in the
service of economic opportunity
for all, regardless of who
you are and whom you love.
We have a vested interest in
sustaining and strengthening
these businesses with equal
access to credit, which is the
beating heart of the American
economy. I am proud to lead
the effort to deliver results for
LGBTQ small business owners
as we continue to rebuild our
economy.”
The bill would ensure that
LGBTQ-owned businesses
have equal access to credit opportunities
as well as access to
the capital they need to grow
and create more jobs in their
communities. Specifically, it
would update the Equal Credit
Opportunity Act (ECOA) to ensure
that financial institutions
collect the self-identified sexual
orientation and gender identity
of the principal owners of small
businesses, in addition to their
sex, race and ethnicity. Section
1071 of Dodd-Frank already requires
creditors to collect this
data, which helps facilitate enforcement
of fair lending laws
and enables communities, government
agencies and lenders
to identify community development
needs. This bill would
also add a definition for businesses
owned by lesbian, gay,
bisexual, transgender and
queer (LGBTQ+) individuals to
the ECOA statute.
Please join VISIONS Bronx-Westchester
Advisory Board for our Annual
Wednesday, July 21, 2021, 6:00PM – 9:30 PM
Frankie & Johnnie’s Pine Restaurant
1913 Bronxdale Ave, Bronx, NY 10462
Honorees:
Irene Amato
A.S.A.P. Mortgage Corp.
Dr. A.J. Contento
Eye Care Unlimited
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Entertainer/Restaurateur
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Emcee:
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BronxTalk, thisistheBronX
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BRONX TIMES R 34 EPORTER, JULY 2-8, 2021 BTR
There are an estimated 1.4
million LGBT-owned businesses
in the U.S. which contribute
more than $1.7 trillion
to the nation’s economy. According
to the National Gay
and Lesbian Chamber of Commerce
(NGLCC), in 2016, more
than 66% of businesses certified
by the NGLCC’s Business
Enterprise Program identified
as gay-owned, 29.1% lesbianowned,
2.3% bisexual-owned
and 2% as transgender-owned.
Certification provides these
businesses with opportunities
to overcome historical barriers
in access to capital and government
procurement contracts.
“The Equality Caucus is
proud to see movement on another
of our legislative priorities,
The LGBTQ Business
Equal Credit Enforcement and
Investment Act,” said Rep. David
Cicilline of the Equality
Caucus. “For far too long, programs
designed to assist minority
communities have left
LGBTQ people behind. That
is beginning to change following
Photo courtesy Sharon McCutcheon
today’s vote in the House. I
thank Co-Chair Ritchie Torres
for his tireless efforts to move
this forward.”
Justin Nelson and Chance
Mitchell, Co-Founders, National
LGBT Chamber of Commerce,
added, “We cannot fix
what we do not track, and so
we must pass HR 1443 so America’s
economy can achieve its
full potential. America’s 1.4
million LGBT business owners
add more than $1.7 trillion
dollars and tens of thousands
of new jobs to the US economy
every year, despite the obstacles
they face in access to
capital, contracts, and more.
The inclusion of LGBT-owned
businesses in supply chains
throughout America, both public
and private sector, is now a
best practice of successful economies.
It is long past time that
the Federal Government track
and study the economic needs
of America’s LGBT entrepreneurs
alongside all other diverse
communities so that they
can get the help they need to
continue creating jobs and innovating
industries from coast
to coast.”
The business of equality
House passes LGBTQ business loan bill
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