Ranking Member Edward J. Markey (D-Mass.) led a hearing in Roxbury, Massachusetts, focusing on how entrepreneurship can help reduce the racial wealth gap. The event, held at Roxbury Community College, brought together leaders from the minority entrepreneurship sector to discuss strategies for making business ownership more accessible to underserved communities.
Participants included Mechalle Brown, director of the 7uice Foundation and mother of Boston Celtics player Jaylen Brown; Lauren Holiday, founder of the JLH Social Impact Fund; Renee King, CEO of We Are The Funders; Keith Mahoney from The Boston Foundation; Nicole Obi, President & CEO of the Black Economic Council of Massachusetts (BECMA); and Kareem Hill, President of BDC Community Capital Corporation.
The discussion centered on supporting existing programs that benefit minority entrepreneurs and highlighted Ranking Member Markey’s SPARK Act. This proposed legislation aims to boost community-based efforts to expand opportunities for small businesses in underserved areas.
“It is our responsibility to support efforts to rectify historical injustices and offer real opportunities to minority entrepreneurs. We are not agonizing, but organizing to do the right things and to speak out against the wrong things,” said Ranking Member Markey. “We will not go backwards. We must reimagine a brighter and more inclusive future for all—one where we actually close the racial wealth gap.”
Mechalle Brown added: “Founders need mentorship. They need access to capital. They need partners who understand the barriers they’re facing and can help them navigate. Real economic power comes from ownership. Not just having a job, but owning the business. Owning the building. Owning the block. When communities have the resources to build and capital circulates within the community instead of extracting out, that’s when you create generational wealth, not just jobs. But here’s the reality: most communities don’t have the infrastructure to make that happen. Senator Markey’s SPARK Act is about changing that.”
Lauren Holiday commented: “Traditional employment is disappearing. Industries are restructuring, corporations are moving their workforce offshore. And people are left with no other choice but to bet on themselves, starting businesses out of necessity, not aspiration. But survival without support leads to failure. Senator Markey’s SPARK Act recognizes that if we want entrepreneurship to be a viable path for everyone, not just those with access to elite networks and capital, we have to invest in the institutions that can provide that support at scale. Not in one city. Everywhere.”
Renee King said: “If we want an economy that actually works, that doesn’t leave entire demographics on the sidelines while industries restructure around them, we have to resource the institutions that can mobilize all communities into ownership, not just some. We are leaving too much money on the table. Senator Markey’s SPARK Act is about stopping that loss and building the infrastructure this moment demands.”
Keith Mahoney stated: “The Boston Foundation stands ready to continue this work—and to partner with policymakers who understand that economic justice is not optional infrastructure. It is essential. This is why we are especially excited for Senator Markey’s SPARK Act legislation. It is filled with common sense policies that not only will extend a lifeline to struggling businesses, but it will add to our economy and will send a message that the American dream is for all of us.”
Nicole Obi emphasized: “In Massachusetts, we have seen how fragile progress becomes when ecosystem funding is short-term or disconnected from local realities. The SPARK Act offers a durable national framework that scales what works while allowing communities to tailor solutions to their unique challenges,” she said.“Senator Markey’s leadership on this legislation sends a clear message: minority entrepreneurs are not a niche concern.They are central to America’s economic resilience.When Black and other underserved entrepreneurs succeed,families stabilize,jobs are created,and regional economies grow stronger.”
Kareem Hill expressed support for public-private partnerships: “BDC Community Capital supports Senator Markey’s SPARK Act because the bill would allow us to expand our investments in underserved entrepreneurs.It focuses on spurring economic growth in underserved communities,it encourages collaboration between the Small Business Administration and organizations that serve low-income,minority,and rural communities.This is critical to supporting local entrepreneurial ecosystems.I truly believe collaboration between public,private,and philanthropic partners is the only sustainable way to close the racial wealth gap,make capital truly accessibleto all,and togrow jobsinallcommunitieswithineconomy.”
Ranking Member Markey has been active in advocating for small businesses owned by minorities,women,veterans,and other underserved groups.He has taken steps such as securing funding through appropriations committees,sending letters opposing changes affecting lending protections,and introducing legislation likethe New StartActof2025for formerly incarcerated individuals.Markey has also challenged federal actions he sees as undermining diversity,equity,inclusion,and accessibility policies.
The Senate Small Business and Entrepreneurship Committee plays an important role in providing policy options on federal budget matters relatedto smallbusinessesand supports informed decision-makingon national fiscal priorities through its operations in Washington,D.C.,according tothe official website. The committee also contributes nonpartisan budgetary analysis by overseeingthe Congressional Budget Officeand participatesinthe congressional budget process through resolutions,reconciliation instructions,and planning.[source]
