Empowering Entrepreneurs
In anticipation of Small Business Saturday on November 25th, the Biden-Harris Administration unveils a series of initiatives supporting small businesses, highlighting the crucial role they play in the economy.
Entrepreneurial Boom
New data showcases a record 14.6 million applications to start businesses under President Biden, signaling confidence and optimism among entrepreneurs.
Inclusive Growth
Entrepreneurs of color, particularly Black and Hispanic households, experience significant benefits from increased lending and investments, contributing to wealth-building in these communities.
Investing in America’s Small Businesses
The administration announces substantial actions to bolster small businesses, focusing on providing opportunities and support.
$50 Million Injection
$50 million in American Rescue Plan funds will assist over 10,000 small businesses from underserved communities in securing loans and investments, catalyzing significant economic growth.
SBA’s Fiscal Success
The Small Business Administration (SBA) reports delivering a historic $50 billion in capital to small businesses in Fiscal Year 2023, with major increases in support for underserved businesses.
Diverse Impact
Lending increases across various demographics, with particular emphasis on minority-owned, women-owned, and veteran-owned small businesses, promoting inclusivity and equitable economic growth.
Rural Business Investment
A strengthened partnership between the SBA and the Department of Agriculture aims to create jobs and economic growth in small and underserved rural communities.
Recent Achievements
The administration highlights recent accomplishments, showcasing its commitment to supporting small businesses.
Expanding Lending Programs
SBA expands lending programs focused on underserved communities for the first time in 40 years, with new licenses issued to lenders dedicated to historically marginalized areas.
Funding Opportunities
Treasury releases a Notice of Funding Opportunity for a $75 million SSBCI Investing in America Small Business Opportunity Program, furthering opportunities for small and underserved businesses.
Investment in Incubators
The Minority Business Development Agency (MBDA) awards $100 million through the Capital Readiness Program to invest in small business incubators and accelerators, supporting underserved entrepreneurs.
Community Navigators Program
SBA’s Community Navigators Program, funded through the American Rescue Plan, provides critical technical assistance to small businesses, securing nearly $250 million in approved funding.
Record Federal Procurement Opportunities
The federal procurement system awarded a historic $163 billion in opportunities to small businesses in 2022, emphasizing the Administration’s commitment to supporting diverse enterprises.
In the run-up to Small Business Saturday, these initiatives underscore the Biden-Harris Administration’s dedication to fostering a thriving environment for small businesses.
Sources: THX News & The White House.