Aguilar Introduces Bill to Encourage Entrepreneurship and Job Creation in the Inland Empire
Last week, Rep. Pete Aguilar introduced H.R. 6579, the Recent Graduates in Start-Ups and Innovation Act. The bill would create a program to allow a no-interest deferment of federal student loans for recent college graduates who open a small business or innovative start-up in a designated Opportunity Zone. Designed to spur economic growth in areas where businesses have traditionally struggled, the Opportunity Zone program attracts investors by allowing them to delay paying taxes on profits made from investments in businesses within Opportunity Zones.
“The burden of student-loan debt makes it more difficult for recent graduates to start their own businesses, forcing them to compete for jobs rather than creating them. I introduced this bill because I believe we need to help entrepreneurs in communities like the Inland Empire get their businesses off the ground to start creating jobs and growing our local economy,” said Rep. Aguilar.
“There is no question that most American job growth comes from entrepreneurship. Providing incentives for recent college graduates to take their newly acquired knowledge and start firms in high poverty areas is a great idea for putting private sector job creation exactly where it is needed. Given the poverty issues in the San Bernardino area, Congressman Aguilar's bill would be an excellent addition to efforts to tackle the local poverty issue,” commented Inland Empire economist John Husing, Ph.D.
Earlier this year, Rep. Aguilar announced that 27 Opportunity Zones had been established in San Bernardino in addition to one in Upland, one in Grand Terrace, and one in Redlands. A map of the Opportunity Zones in the 31st District is available here.