Ranking Member Markey Hosts Hearing in Roxbury on Closing the Racial Wealth Gap

SPARK Act One-Pager (PDF)

(Boston, February 9) - Ranking Member Edward J. Markey (D-Mass.) today held a hearing in Roxbury, Massachusetts, titled "The Role of Entrepreneurship in Reducing the Racial Wealth Gap." Ranking Member Markey joined leaders in the minority entrepreneurship ecosystem, including Ms. Mechalle Brown, director of the 7uice Foundation and mother of Boston Celtics star Jaylen Brown, at Roxbury Community College to discuss how government and the private sector can come together to make entrepreneurship more accessible for underserved communities. The hearing also focused on ways to close the racial wealth gap in Massachusetts and across the United States. Witnesses emphasized the importance of protecting and supporting existing programs that uplift minority entrepreneurs and applauded the introduction of Ranking Member Markey's SPARK Act, which would supercharge community-based efforts to grow the underserved small business ecosystem.

"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."

"Founders need mentorship. They need access to capital. They need partners who understand the barriers they're facing and can help them navigate," said Mechalle Brown, President of The 7uice Foundation. "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."

"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," said Lauren Holiday, Founder of the JLH Social Impact Fund. "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."

"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," said Renee King, CEO of We Are The Funders. "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."

"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," said Keith Mahoney, Vice President of Communications and Public Affairs at The Boston Foundation. "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."

"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," said Nicole Obi, President & CEO of the Black Economic Council of Massachusetts (BECMA). "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."

"BDC Community Capital supports Senator Markey's SPARK Act because the bill would allow us to expand our investments in underserved entrepreneurs," said Kareem Hill, President of BDC Community Capital Corporation. "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 accessible to all, and to grow jobs in all communities within our economy."

Ranking Member Markey is a champion of underserved small businesses and holding the Trump administration accountable for its continued attacks on federal equity programs and other efforts to address the racial wealth gap.

• Earlier this month, Ranking Member Markey secured funding with the Appropriations Committee for Small Business Development Centers, Women's Business Centers, SCORE Chapters, and Veterans Business Outreach Centers and provisions to rein in the Administration's attempts to eliminate programs that support women, veterans, and underserved entrepreneurs.
• In January, Ranking Member Markey sent a letter to the Consumer Financial Protection Bureau to oppose rule changes that would gut protections against discriminatory lending practices that harm small businesses.
• In December, Ranking Member Markey sent a letter to the SBA Administrator expressing significant concerns with the SBA's overly burdensome request and unclear guidance for extensive financial documentation over the holidays, as a part of their sweeping attempts to dismantle the 8(a) Business Development Program.
• In July and December, Ranking Member Markey sent letters to the SBA Administrator demanding answers about the Trump administration's efforts to limit economic opportunity for American entrepreneurs, including immigrants.
• In May, Ranking Member Markey sent a letter to the SBA Administrator rejecting President Trump's FY 2026 budget proposal and calling on SBA to immediately release funding for the entrepreneurial development programs, which include programs like the Women's Business Centers and the Veteran's Business Development Centers that support underserved small business owners.
• In April, Ranking Member Markey introduced the New Start Act of 2025 to establish a five-year pilot program providing grants to support entrepreneurial development training for currently or formerly incarcerated individuals.
• In February 2025, Ranking Member Markey sent letters to the SBA Administrator and Government Accountability Office (GAO) condemning President Trump's war on diversity, equity, inclusion, and accessibility (DEIA) policies and asking how the SBA intends to implement Trump's anti-DEIA executive orders.

Alongside members of the Senate Small Business Committee and the Senate Commerce Committee, Ranking Member Markey is fighting to protect the Minority Business Development Agency (MBDA) from being illegally dismantled. In January, Ranking Member Markey called on the GAO to examine whether the Administration defied federal court orders that directed the Administration to stop dismantling the MBDA. Ranking Member Markey sent oversight letters to the Administration to defend the MBDA in June, May, and March of 2025.

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