Blog & News

FOR IMMEDIATE RELEASE June 30, 2023 Contact: Aram Nadjarian Email: aram@nextgenchamber.org Phone: (323) 533-4523 Response to the Supreme Court’s Decision on the Student Loan Forgiveness Plan Statement by Eddie Monroy, Executive Director, NextGen Chamber of Commerce WASHINGTON, D.C. - This morning, the Supreme Court ruled to strike down the student loan forgiveness program - it will be a major setback for student loan holders and the overall recovery efforts of the economy. As we continue to navigate the ongoing effects of inflation we must shift our mindset from business rescue to saving American entrepreneurship. A student loan forgiveness plan is a step in the right direction. Student loan forgiveness allows our emerging entrepreneurs to create jobs and invest in their local communities by creating economic opportunities. Entrepreneurs should not feel stuck between debt and a dream. Recently, NextGen Chamber of Commerce conducted a survey that explored emerging small business trends which included the topic of student loans and their relationship to entrepreneurship: ● Three-quarters of Millennial small business owners reported using their own savings to start their business and just over half (52%) used their savings to expand, similarly to all other small business owners. ● About half (47%) of small business owners who have student loans say that the student loan repayment, interest, and collection pause during the COVID-19 pandemic has allowed them to invest more into their business. Student loan forgiveness would not only ease the burden to start new businesses or expand them, but would ultimately provide greater access to wealth building for many Americans who have been saddled with debt - especially women and minorities - helping to create a more inclusive economy. ### About NextGen Chamber of Commerce The NextGen Chamber of Commerce is America's first business organization supporting our emerging entrepreneurs and business leaders. We want to turn the tide in favor of a new generation that has been tasked with carrying America's economy through the 21st century. We pursue this mission by advocating for policy solutions that will benefit business formation, supporting the entrepreneurial ecosystem, promoting diversity in our economic ecosystem, and advancing under 40 voices to enable a new generation of business leadership to promote better capitalism.

PPSI Convenes Business Leader Roundtable with Bipartisan U.S. House Working Group on Paid Leave

The COVID-19 pandemic disrupted the business climate and elevated digital tools as a foundational pillar for operations, impacting both employers and stakeholders. It is important to understand the rise of new digital tools in order to navigate the challenges and opportunities in the evolving landscape of the digital economy.

November 17th, 2022: NextGen Digitial Discussion Webinar on The Rise of the Creator Economy with Richard Florida

Next Gen HQ and NextGen Chamber announce new partnership to deliver a two-year entrepreneurship program for high school students in Genesee County, Michigan with the support of the Mott Foundation.

New Survey Research Highlighting Millennial Businesses

I recently started my dream job working to advance small business voices and interests across the country as Executive Director for a national organization whose purpose is to lead a new generation of business leaders and entrepreneurs. My personal story of overcoming barriers and setbacks is one that many can relate to especially if you are an aspiring entrepreneur, business owner, corporate executive, public servant, or a community leader. The path forward is never a straight line, but the opportunity to lead should always look ahead and that’s what I intend to do. Currently America is facing a lost generation of entrepreneurship and business leadership which will inhibit the next generation’s potential for pursuing the American Dream. In just the last few decades we’ve experienced devastating events: 9/11, the Great Recession, and most recently the global Covid-19 pandemic. My generation, millennials, in particular face their own challenging economic setbacks and social barriers in addition to these recent events, especially in starting and growing their own businesses. My story is no different from many others of my generation. I have certainly had to overcome my share of barriers and obstacles. My parents were dreamers who left their native land of Honduras to seek out the American Dream: work hard, raise a family in a safe community, and through their sacrifice and hard work, hope for the next generation to have a better life. My parents established their roots in their new community through a program called TPS (Temporary Protected Status) which gave them the opportunity to live and work in the United States. For decades my parents lived in limbo not knowing if they would ever have an immigration status that doesn’t say: Temporary. We always had a shadow hanging over our heads, never knowing when the clock would run out and the life our family had built would disappear. Many in my extended family have worked for small businesses in various industries from construction, to restaurants, to manufacturing - and it was through their stories of struggle & success that I became interested in small business. These same small businesses give families across the nation a chance to access the American Dream. When I graduated with my MBA, I chose to focus my career on helping uplift small businesses – because strong businesses create thriving neighborhoods and communities. I focused on helping small business owners and their families achieve a new level of success through strategic planning by equipping them with knowledge, resources, tools, and a road map for sustainable growth. However, for far too many small business owners and aspiring entrepreneurs, the path to success isn’t clear or accessible, stalling economic growth and progress in our local communities. I’ve been at the dinner table, translating a conversation between the bank and my parents, after the small business my dad worked for closed its doors, and without his job which provided half of our family income – we weren’t sure how we’d keep a roof over our heads. I’ve been in the room as a multi-generation family business discussed closing their doors because they didn’t have access to commercial lending. I’ve sat at conference tables and listened as business owners shared that they couldn’t cover payroll after maxing out personal accounts. I’ve also been in the worst room one can think of: the arrangement room of a funeral home, devastatingly planning the burial for my only sibling, my 18 year old sister. I’ve witnessed firsthand the effects of inequitable policies, an economy that works for some, but not for all, and seen what hardship looks like for working families. My work with small businesses, championing immigration reform, and advocating for diversity in leadership brought me to the NextGen Chamber of Commerce - this is the natural next step for me - to help create an inclusive economy by lifting the voices of existing and aspiring entrepreneurs. Our generation has been through difficult struggles, but we are at a moment in history where we can draw a new roadmap for the future of our economy and society. A future that is inclusive, diverse, and breaks down the economic barriers to entrepreneurship. Together we can learn from history and write a new chapter as we enter into our own roaring 20’s. I will do my part in building new bridges, forming new partnerships and developing the creative solutions that are needed to meet the challenges the next generation – our generation - is tasked with solving!

Why Asian Americans and Pacific Islanders need stronger political representation Only a seat at the decision-making table can bring about long-overdue reforms Opinion by Jeff Le Published in Roll Call March 30, 2021 Once again, the Asian American and Pacific Islander community is grappling with horrifying acts of racism and violence. At last, the rest of the country seems to have noticed. The murders of eight people at three Asian-owned small businesses, including six women of Asian descent, unleashed an outpouring of grief and anger. But these alarm bells have been ringing for some time. The roughly 3,800 reported hate incidents in the past year represent only a fraction of the unreported violence and racism toward AAPI communities. Women have especially felt the brunt of this disturbing trend, facing at least two-thirds of the reported attacks. My family — Vietnamese refugees who escaped communism and eventually resettled in southern Georgia as farmers — has sadly experienced unprovoked hostility over the course of their time as Americans. While many AAPI individuals now feel seen, we still lack serious representation at the highest levels of government. Sens. Tammy Duckworth, D-Ill., and Mazie Hirono, D-Hawaii, have argued that our government needs officials who understand the unique challenges our communities face. Only then can policies meet our specific needs in voting rights, criminal justice reform and economic opportunity. Voting rights are under attack across America under the guise of Jim Crow 2.0. In my family’s home state of Georgia, the Republican-controlled General Assembly and Gov. Brian Kemp fast-tracked a deeply controversial new law to dramatically limit no-excuse absentee voting for all elections, eliminate Sunday voting in runoffs and prosecute people for even handing out water to voters in long lines. The measure’s passage came after AAPI voter turnout increased 91 percent in November’s historic general election and helped tip the Senate’s balance of power toward the Democrats. The timing is no coincidence, and Georgia is no outlier. More than 250 bills in 43 states seek to tighten voting rules. They masquerade as methods to stop voter fraud, but these anti-democratic power grabs are really aimed at reducing the participation of communities of color in future elections. The Georgia measure will likely crush Black turnout, including the “souls to the polls” program. It will undercut AAPI communities who vote primarily by absentee ballots. Many have working-class jobs and can’t go to the polls before 5 p.m. They also face language and cultural barriers, and a higher likelihood of having names prone to clerical errors. After the shootings, imagine being told that you can only vote in person when you’re fearful for your life. Beyond the voting booth, the Georgia law will deepen the disproportionate economic hardships that Black, brown and AAPI communities already face. Despite the stereotype of being financially well off, the vast majority of AAPI individuals are working class, and many are small business operators. As COVID-19 ravaged the country, AAPI-owned businesses saw the biggest decline through the end of 2020. The jobless rate for AAPI communities rose from 2.8 percent in 2019 to as high as 15 percent last May — well above the rate for whites and Latinos. Income inequality is now greater in the AAPI community than among any other group in America. Growing anti-Asian sentiment worsened these disparities over the past year, especially for low-income Chinatown businesses, nail salons, dry cleaners and restaurants. Notably, more than one-third of AAPI communities, on average, have limited English language proficiency and face steep cultural barriers. To make matters worse, the government’s pandemic rescue packages did not give AAPI-owned business special consideration. The Small Business Administration must do more to provide governments with the inclusive guidance on engaging with AAPI-owned businesses that was promised to Black and brown businesses. Finally, Asian Americans and Pacific Islanders need to be protected from crimes targeting us for who we are. Georgia’s recently enacted hate crime law came about after political pressure from the business community and communities of color, rising from last year’s social justice movement. However, the Atlanta murders have highlighted just how challenging hate crime prosecutions can be. That is why the Biden administration should work with Congress to pass the COVID-19 Hate Crimes Act and Jabara-Heyer NO HATE Act to stem violence against communities of color, and hold the Department of Justice and states like Georgia accountable. 2021 could be a defining year for channeling years of heartbreak and adversity into long-overdue reforms. Instead of silently suffering, AAPI individuals have found the courage to speak out about their disenfranchisement. I hope this energy translates into real momentum to ensure we always have a seat at the decision-making table. It’s time for the Biden administration, the private sector and other communities of color to champion AAPI communities everywhere. This can only be done with AAPI leaders at the table, with the influence of, and a commitment from, allies to support these efforts. Other senators from communities of color should also commit to supporting AAPI leadership and representation. Sens. Alex Padilla, D-Calif., and Raphael Warnock, D-Ga., have a timely voice to demonstrate allyship. Having AAPI communities as a valued part of America’s recovery, the justice system and the political process is an important and necessary step for a stronger and more equitable union. Jeff Le is a political partner at the Truman National Security Project, which is dedicated to building a new generation of progressive leaders in national security. He was deputy director of external and international affairs and deputy cabinet secretary to former California Gov. Jerry Brown. Click Here to Read Original Piece Posted in Roll Call

Isabel Guzman was confirmed in early February as the head of the US Small Business Administration and has hit the ground running to begin addressing the immediate needs of the next generation business community. As she digs into her work, there are basic considerations the SBA should prioritize when engaging this critical demographic. The next generation of business leaders and entrepreneurs is made up of the largest and most diverse generation, yet they face challenges like no other generation has faced before. As Ms. Guzman and the SBA implement the new administration’s agenda, it is vital they consider the unique, pressing concerns of the next generation. 1. Equity and Inclusion: It’s no secret that we’re in the midst of one of the worst economic crises of our time and it’s clear that minority owned businesses are some of the hardest hit. But even before COVID-19 swept through the world and sideswiped our economy, minority businesses were already less than white, male owned businesses. The SBA reported that minority-owned small businesses hover at around 15%, and while this number is growing, it’s going to take serious dedication to address systemic inequality in earnest. 2. Gen Z and Millennial Business Owners: The majority of business owners are getting older with younger generations of entrepreneurs not replacing them at an equal pace. In fact, millennials have some of the lowest rates of entrepreneurship. And, when they do start a business, it’s more likely that their business will fail compared to the attempt of a more experienced entrepreneur. This isn’t because millennials and Gen Z lack the innovation or mentality-- there are structural barriers and mountains of debt older generations haven't had to face. The SBA needs to shift its understanding of entrepreneurship to properly address this gap and empower the next generation. 3. Student Debt: Speaking of mountains of debt… Americans currently owe more than $1.7 trillion in student loans, and this number is growing. In response, people are driven to donate their eggs, are putting off starting families and buying homes, and it’s really no surprise that, given this debt and lack of guidance on how to manage it, younger people are starting businesses at the lowest rate in generations. It’s nearly impossible to ask someone already saddled with tens of thousands, if not hundreds of thousands, of dollars in debt, to take on more risk by starting a new business. 4. Environmental Innovation: At the back of our collective consciousness is the climate change crisis. The environment is changing and in response, big and small businesses alike are recognizing the need to prioritize green energy and innovative solutions.This isn’t just an issue of interest; climate change will directly impact this generation and their children. Millennials and Gen Z have grown up in a world where minimizing your personal carbon footprint is a good thing. This individual innovation is necessary to enact change in a lasting, meaningful way nationally. The SBA should prioritize providing resources for small business owners and the next generation of entrepreneurs to ensure climate consciousness is built into business models from day one. 5. Intersectional Approach: The SBA cannot run through this list like a checklist and expect small business entrepreneurs to be empowered and able to fight through the recession, systemic inequality, towering student debt, and other challenges this generation must face down. Before we can truly empower small business owners, the SBA needs to consider the intersecting nature of these concerns and how business owners are not a monolith that can be placated in the same way previous generations were. There are more people of color, more women, more LGBTQ+ folk, more disabled people, more immigrants all interested in pursuing entrepreneurship, all with distinct yet intersecting needs. Isabel Guzman is a champion for small business owners and has illustrated she’s ready to fight for all entrepreneurs. Under her leadership, the SBA will need to be up to the task of providing targeted resources to help address the systemic inequality that hinders the next generation of entrepreneurs from reaching their full potential.