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PRESS | Bipartisan Bill Would Help Small Businesses Lower Commodities Costs

NSBA applauds Congress for prioritizing Small Business with their commodities legislation.



NSBA applauds Congress for prioritizing Small Business with their commodities legislation.

Friday, Jan. 24, 2025

 

Contact:

Molly Day

202-552-2904

 


 

Washington, D.C. – Earlier this week, Sens. Jeanne Shaheen (D-N.H.) and Bill Cassidy (R-La.) introduced bipartisan legislation calling on the U.S. Small Business Administration (SBA) to create a new program to help small-business owners lock-in the cost of commodities like gasoline or lumber. The bill, Helping Small Businesses to Hedge Risk and Insure against Volatile Expenses (Helping Small Businesses THRIVE) Act will help small businesses protect against potential cost increases for key expenses.

 

NSBA worked with the Senators’ offices to provide first-hand data from our members and was instrumental throughout the process of drafting the legislation.

 

“I applaud Senators Shaheen and Cassidy for their leadership on this issue,” stated NSBA President and CEO Todd McCracken. “Not only will the Helping Small Businesses THRIVE Act give small businesses greater certainty when it comes to costs, it puts them on a level playing field with large corporations when it comes to commodity cost hedging.”

 

This new SBA program will offer small businesses options for how to lock in their prices going forward – with a focus on inputs that already have liquid markets, and it offers small-business owners the kind of technical assistance they’ll need to take full advantage of the program.

 

Small businesses are the first—and hardest—hit by volatile cost increases, and the Helping Small Businesses THRIVE Act will help them first lock in costs for gasoline, diesel and up to three additional commodities, with special attention given to standard utilities like natural gas or electricity. The legislation makes way for additional commodities and utilities to be added to the program, and the bill also makes very clear this program is to focus specifically on small businesses only.

 

“This kind of bipartisan lawmaking to find solutions for America’s small businesses should be a thumbprint for lawmakers as we move forward in the 119th Session, and I’m pleased that NSBA was able to engage our membership and provide assistance in crafting this bill,” stated McCracken.

 

Celebrating more than 85 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.

 


NSBA applauds Congress for prioritizing Small Business with their commodities legislation.

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