Bill Overview
Title: CREATE Act of 2022
Description: This bill expands financial assistance for, and establishes measures to support, the creative economy and art entrepreneurs. Specifically, the bill requires (1) the Small Business Administration to develop loan criteria, evaluation procedures, and technical assistance programs for small business concerns that are owned by artists and support the creative economy; and (2) the Department of Commerce to ensure that traditional economic development tools, such as business incubators and grant programs, support the arts industry and creative economy.
Sponsors: Rep. Dingell, Debbie [D-MI-12]
Target Audience
Population: Creative economy participants and art entrepreneurs
Estimated Size: 5000000
- The bill targets individuals involved in the creative economy and artistic entrepreneurship.
- This includes artists who own small businesses, which can cover a wide array of artistic fields including visual arts, performing arts, and perhaps even digital content creators.
- The bill also benefits those seeking to start or expand ventures tied to the arts by using traditional economic development tools like business incubators, grants, and loans.
Reasoning
- The target population of 5 million individuals means that this policy is specialized for a niche yet significant group, namely those in the creative and arts sectors who either own businesses or are looking to start or expand such ventures.
- The policy's budget constraints necessitate focused distribution channels, most likely through specialized loans, grants, and incubators strategically placed in regions with dense creative communities.
- We anticipate high variability in impact due to differences in individual standing—emerging artists may experience significant improvement, while well-established entities might see lesser incremental changes.
- The Cantril self-reported wellbeing scale is used to gauge personal perception of quality of life. The policy's immediate effects are likely more pronounced among those with existing projects now eligible for funding or technical assistance.
- Over a 20 year horizon, the compounding effects of successful creative business initiatives can elevate community cultural presence and individual prosperity, increasing overall US economic diversity and augmentation.
Simulated Interviews
Photographer and Gallery Owner (Austin, TX)
Age: 27 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- The CREATE Act could tremendously benefit my gallery and others like it that support local artists.
- Access to better loan conditions and guidance would allow me to expand online operations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Theater Director and Playwright (New York City, NY)
Age: 31 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 4/20
Statement of Opinion:
- The technical support aspect of the CREATE Act should help secure the financial viability of my company.
- However, I am concerned about the competition for limited resources within such a vast artistic space.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 6 |
| Year 20 | 10 | 6 |
Film Producer (Los Angeles, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- This policy may not impact my wellbeing directly as I am already established in my realm.
- However, it could ease the process of discovering and supporting new talent.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Digital Media Artist (Portland, OR)
Age: 22 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- Grants and the opportunity for incubation would help transition my freelancing to a more stable business.
- I am unsure if my digital focus will align with policy objectives.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 7 |
Music Composer (Chicago, IL)
Age: 50 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 2.0 years
Commonness: 2/20
Statement of Opinion:
- The additional financial support might offer a cushion but is not game-changing for my established work.
- Younger composers or those establishing studios may benefit more.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Ceramics Artist (Seattle, WA)
Age: 29 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- It could potentially increase my workshop reach by allowing me to leverage better spaces and materials.
- I hope the paperwork isn't too complex.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 10 | 8 |
Graphic Designer (Denver, CO)
Age: 40 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- This Act might provide the initial support to transition from freelancing to a full-fledged studio.
- Having coaching on business expansion and financial management can be transformative.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 10 | 8 |
Sound Engineer (Nashville, TN)
Age: 53 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 3/20
Statement of Opinion:
- The CREATE Act is more likely an opportunity to add low-risk apprenticeships and further develop community engagements.
- I am cautiously optimistic but need to evaluate how this fits my current commitments.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Fashion Designer (Miami, FL)
Age: 37 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- Access to loans and business incubators is crucial to opening my boutique.
- I suspect an emphasis on traditional art may overlook fashion.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 8 |
| Year 20 | 10 | 8 |
Game Developer (San Francisco, CA)
Age: 34 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- Though primarily technical, there's an art to game design that the CREATE Act can bolster through grants and loans.
- Projects with limited budgets could particularly benefit from streamlined grant access.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 10 | 9 |
| Year 20 | 10 | 9 |
Cost Estimates
Year 1: $200000000 (Low: $150000000, High: $250000000)
Year 2: $210000000 (Low: $160000000, High: $260000000)
Year 3: $215000000 (Low: $165000000, High: $265000000)
Year 5: $230000000 (Low: $180000000, High: $280000000)
Year 10: $250000000 (Low: $200000000, High: $300000000)
Year 100: $500000000 (Low: $400000000, High: $600000000)
Key Considerations
- The variability in impact due to different artistic fields and state-specific art economies could lead to disparate results.
- It is important to ensure that financial assistance and support tools are accessible and equitable across diverse artistic domains.
- Monitoring and evaluation mechanisms should be established to ensure effective implementation and adaptation of traditional economic tools to the arts sector.