Mr. Speaker, I thank Chair Roger Williams and Ranking Member Nydia Velazquez of the Committee on Small Business for allowing me to sit in on their hearing yesterday focused on the challenges that…
Mr. Speaker, I thank Chair Roger Williams and Ranking Member Nydia Velazquez of the Committee on Small Business for allowing me to sit in on their hearing yesterday focused on the challenges that face rural small businesses.
I thank Representative Shri Thanedar for allowing me to be the Republican lead on his bill, H.R. 4661, also known as the One Stop Shop for Small Business Licensing Act of 2023.
Small businesses are vital to Guam's economy and are the embodiment of the American Dream and entrepreneurial spirit.
Guam's economy thrives thanks to the hard work of committed, dedicated, and resourceful small business owners. It is not easy owning and running a small business, and these enterprises face issues that are not concerning to large corporations.
A common issue that I have heard about from small business owners from the Guam Chamber of Commerce and the witness panel in yesterday's hearing is the limited access to capital. This continues to be increasingly difficult with high interest rates and inflation continuing to be a burden on how business is conducted.
Consequently, small businesses are forced to invest less in their company and find it difficult to expand, offer more goods and services, and provide more jobs.
While Guam is not exempt from the macroeconomic issues that plague our economy, we have our own set of challenges that make doing business in Guam more difficult.
Every business across the Nation is currently feeling the effects of inflation, labor shortages, and supply chain issues. In Guam, these challenges are magnified because of the island's geographic location. Shipping costs greatly increase the cost of goods, and Guam's labor shortage is worsened because of this isolation, requiring the use of H- 2B visa workers.
As a small island in the middle of the Pacific Ocean, nearly every business in my district qualifies as a rural small business.
The issues small businesses face are my issues, and I will continue to do everything in my power to support them and, by extension, the people of Guam.
Congratulating the Guam Association of Realtors
Mr. Speaker, today, I rise to congratulate the Guam Association of Realtors, or GAR, for the launch of their assistance program for both homeowners and renters and for receiving a grant of $500,000 to fund their program.
It was several months ago when my island community was struck by Typhoon Mawar, leaving it in devastation. Many were left stranded, homeless, and without the means to rebuild their lives. It is through programs like this that we can rebuild our community and provide a much-needed lifeline for our people.
GAR's legacy dates back several decades and is part of one of the largest and most influential trade industries in the Nation, the National Association of Realtors. Their primary objectives include promoting and maintaining high standards of conduct, providing a unified medium for real estate owners, and creating an atmosphere of unity.
I applaud the executive director, Peggy Llagas, the hardworking staff and management of GAR, and the board of directors for their contributions on Guam and for giving our community hope.
