Nicole Obi, President and CEO of the Black Economic Council of Massachusetts — Testimony (Senator Markey, SPARK Act)

Summary

Written testimony by Nicole Obi, President and CEO of the Black Economic Council of Massachusetts (BECMA), addressed to Senator Markey and a committee focused on minority entrepreneurs, dated 2026-02-09. The testimony states that Black and other minority entrepreneurs face barriers to affordable capital and support, compounded by tariffs, supply chain disruptions, narrowing procurement pathways and immigration enforcement actions. It supports Senator Markey's SPARK Act, describing it as investing in incubators, accelerators and community-based lenders and pairing technical assistance with flexible financing. It also cites the bill's reporting requirements on capital access, job creation, wages and participation by race and geography, and urges the committee to advance the bill.

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Full text

Senator Markey,

Thank you for the opportunity to testify today, and thank you for your leadership on behalf of
America’s small businesses.

My name is Nicole Obi, and I serve as President and CEO of the Black Economic Council of
Massachusetts, known as BECMA. We are a statewide, member-based nonprofit focused on
closing the racial wealth gap by helping Black-owned businesses start, grow, and scale, and by
strengthening the economic ecosystems that support them.

I appreciate the Committee’s focus on uplifting minority entrepreneurs, because the challenges
they face today are not abstract. They are structural, compounding, and increasingly shaped by
federal policy decisions.

Black and other minority entrepreneurs are more likely to start businesses, yet less likely to
access affordable capital, professional support, or growth-stage opportunities. Even profitable
firms are denied financing at higher rates, and when support does exist, it is often short-term,
fragmented, or disconnected from the places where entrepreneurs actually operate.

At the same time, these longstanding barriers are colliding with new pressures. Tariffs and
supply chain disruptions have raised the cost of goods and materials. Inclusive procurement
pathways are narrowing as agencies and institutions pull back amid legal and political
uncertainty. Immigration enforcement actions, even when not targeted at a specific business,
are destabilizing local labor markets and reducing foot traffic in entire neighborhoods. Fear
alone has economic consequences.

For Black-owned businesses, which are more likely to operate with thinner margins and less
access to flexible credit, these pressures don’t just slow growth. They force businesses to freeze
hiring, reduce hours, delay expansion, or exit the market altogether. This is not anecdotal. It is a
predictable pattern we are seeing across sectors.

That is why the SPARK Act is so important, and why its timing matters.

What distinguishes Senator Markey’s SPARK Act is that it does not treat entrepreneurs as
isolated actors who simply need more advice or resilience. It recognizes that successful
businesses grow within strong local ecosystems, and that those ecosystems require sustained
investment.

The SPARK Act invests in incubators, accelerators, and community-based lenders that provide
trusted, on-the-ground support in underserved communities. Just as importantly, it pairs
technical assistance with flexible financing that reduces collateral barriers and steers
entrepreneurs away from predatory alternatives. This combination is critical.

From our experience at BECMA, this integrated approach is what actually changes outcomes.
When entrepreneurs receive coordinated support, business advising, access to capital, and

  1234 Columbus Ave (Building #3), Roxbury Crossing, MA 02120 | 857.308.4623 | www.becma.org

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pathways into procurement and job creation, businesses last longer, hire locally, and create
wealth that circulates within their communities.

The SPARK Act also gets accountability right. By requiring reporting on capital access, job
creation, wages, and participation by race and geography, it ensures that public dollars are tied
to real economic outcomes, not just activity. At a moment when data transparency is eroding,
this commitment matters.

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.

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.

On behalf of BECMA and the entrepreneurs and workers we represent, I urge this Committee to
advance the SPARK Act and continue investing in policies that make entrepreneurship a viable
pathway to stability, growth, and shared prosperity.

Thank you for the opportunity to testify. I look forward to your questions.

Nicole Obi
President & CEO




  1234 Columbus Ave (Building #3), Roxbury Crossing, MA 02120 | 857.308.4623 | www.becma.org

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