CREATE Act of 2024 Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy Act of 2024
Impact
Upon its enactment, SB3759 is expected to bolster state laws surrounding small business assistance by explicitly incorporating support measures for the arts into federal programs. It will amend existing legislation to create eligibility for artistic entrepreneurs in various small business programs. This can potentially transform how the creative industry accesses financial resources, focusing not just on traditional business methods but also considering unique aspects of arts-related ventures. By integrating the creative economy within broader economic strategies, the bill seeks to ensure that local, regional, and state agencies engage with arts agencies effectively.
Summary
SB3759, known as the CREATE Act of 2024, aims to provide comprehensive resources to entrepreneurs, specifically those within the creative economy. The bill includes provisions to extend microloan programs and develop business loans that focus on aiding artists and arts entrepreneurs. It emphasizes the importance of growing the creative sector by establishing dedicated loan criteria to ensure that entrepreneurs in the arts receive financial support tailored to their needs. The act also mandates the development of procedures to evaluate proposals from non-employer businesses and microenterprises, which is crucial for fostering economic development and job creation in these areas.
Contention
The discussions around SB3759 highlight concerns over state prioritization of the creative industry compared to other sectors. Some members argue that while supporting the arts is essential, it should not overshadow funding and assistance for other critical sectors of the economy. The allocation of financial resources may lead to tension among various industry advocates, each vying for state support. There may also be debates on the practical implementation of new loan criteria and whether they might inadvertently complicate the approval process for artists and entrepreneurs seeking assistance.
A resolution designating the week of February 10 through February 17, 2024, as "National Entrepreneurship Week" to recognize the importance and contributions of entrepreneurs and startups to the economic prosperity of the United States and the well-being of every community across the United States.