D.C. Council member Zachary Parker (D-Ward 5) has introduced the Ward 5 Small Business Development Center Establishment Act of 2023.
The legislation is designed to foster entrepreneurship and boost the small business landscape within Ward 5, with a focus on fostering economic growth and opportunity for minority- and women-owned businesses.
The bill is driven by data from the “Disparity Study” commissioned by the Office of the Deputy Mayor for Planning and Economic Development. The study states that barriers exist for racial minority- and women-owned businesses including acquiring human capital, accruing financial capital, and owning and operating a successful business even after accounting for age, income, and education.
These barriers reduce these businesses’ availability for government work and their ability to successfully compete for and win government contracts. The bill addresses the barriers by proposing to equip aspiring entrepreneurs and small businesses in Ward 5 with the necessary skills and support to function within the city’s economic landscape.
“I have seen firsthand the inspiring potential of many Ward 5 neighbors who are starting or operating their own small businesses, and I am excited to support them with this legislation,” Parker said.
The D.C. Council’s website reveals that Parker’s bill was referred to the Committee on Business and Economic Development on Jan. 9.