By Karen Stokes
Small business is the heart of the country and according to analysis of the census data, the number of Black small-business owners was 28% higher in the third quarter of 2021 than it was pre-pandemic, compared to 19% for Latino business owners and 5% for white and Asian business owners.
For minority small business owners there are a variety of SBA programs and initiatives to support these businesses.
Veronica Pugin, Senior Advisor, SBA said, “The current administration of the SBA has made supporting minority owned businesses a key priority headed by the leadership of Administrator Isabella Guzman.”
According to Pugin, some options available are:
1) Capital access: access to capital the SBA has invested in policy changes this year to the “Community Advantage” program. This program works with Community Development Financial Institutions Fund (CDFI) and Mission-based lenders to reach historically underserved small scale businesses. The program has been modified and allowed new members to join so that’s expanding the options of capital for smaller scaled businesses which tend to be a high percentage of minority owned businesses.
2) Government contracting: in light of the Biden Administration’s focus on contracting supplier diversity, the SBA has a contract training and support program to support small minority owned businesses pursuing contracting opportunities.
3) Education and Entrepreneurial support: there are training programs and partnerships across the country to provide more education and entrepreneurial resources.
All these programs can be accessed at SBA.gov under the categories of finding contracting and entrepreneurial support.
Small Business Association (SBA) is committed to supporting the development and growth of minority-owned small businesses and entrepreneurs from underserved communities.