Maycumber’s equal access to credit for small businesses and insulin work group bills signed into law
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Maycumber’s equal access to credit for small businesses and insulin work group bills signed into law
‘Entrepreneurs and small businesses are a key to bringing economic stability to rural and underserved communities,’ says Maycumber
Small businesses in rural and underserved communities will have more access to credit to build, expand or update their products and services, thanks to legislation proposed by Rep. Jacquelin Maycumber and signed into law recently by Gov. Jay Inslee.
House Bill 1015 creates the Equitable Access to Credit Program within the Department of Commerce for the purpose of awarding grants to qualified lending institutions, which would then provide access to credit for small businesses. The bill also creates a business and occupation (B&O) tax credit for contributions made to the program.
Maycumber, R-Republic, first introduced the bill during the 2021 legislative session. It passed the House but didn’t come up for a vote in the Senate. During this year’s 2022 legislative session, the bill passed the House unanimously and passed the Senate 46-2.
Maycumber called the legislation a much-needed economic boost for rural small businesses that have been hit especially hard during the pandemic.
“The pandemic set back many rural and tribal small businesses,” said Maycumber. “Our rural economies are taking longer to recover and anything we can do to encourage economic growth must be considered. Entrepreneurs and small businesses are a key to bringing economic stability to rural and underserved communities. This new law will provide more opportunities for economic success.”
Currently, large corporations donate millions of dollars to Community Development Financial Institutions (CDFI) across the nation. In order to take advantage of those dollars, the state can offer a small B&O tax credit, which would encourage donations to the 29 CDFIs operating in Washington state.
Maycumber’s legislation creates the necessary infrastructure to make the most use of these funds and prioritizes small businesses serving rural and underserved communities.
“Many of our tribes and rural communities are having difficulty accessing the credit they need to stay afloat especially at a time of incredibly high inflation,” said Maycumber. “With inflation running at a 40-year high, it’s imperative we give our small businesses the tools they need to survive.”
In addition, Maycumber’s House Bill 1728 was also signed into law. This legislation extends the time period for the Total Cost of Insulin Workgroup to review and design strategies to reduce the cost of insulin. The bill also requires the work group to come up with a plan to provide a once yearly 30-day supply of insulin to individuals on an emergency basis.
“Insulin is one of the most expensive drugs on the market,” said Maycumber, who has a child with diabetes. “It is a life-saving drug with no alternatives. Again, with gas prices, food prices, and inflation all going up, more people are being forced to give up necessities like groceries for the life-saving drugs they need. The work group will not only study how to reduce the cost of insulin, but we’re going to look at how we can provide a one-time monthly supply for those in critical need. Families who are in crisis because they don’t have access to insulin need a place of last resort. We intend to provide that.”
