![]() For example, the number and dollar value of SBA-backed loans to Black-owned businesses has more than doubled. Minority Lending: Since 2020, the share of the SBA’s loan portfolio going to minority-owned businesses has increased from 23% to over 32%.Total SBA Lending: The SBA has backed $108 billion in 7(a) and 504 loans to small businesses during the Biden Administration – 32% more than the same time in the prior administration.That data shows SBA delivered a historic $50 billion in capital to small businesses across the country in Fiscal Year 2023. Today, the SBA released data on the performance of its lending programs in Fiscal Year 2023, including its signature 7(a) Loan Program, which supports financing to small business for working capital and a range of other uses, and its 504 Loan Program, which provides financing for major fixed asset purchases. Small Business Administration (SBA) delivered $50 billion to small businesses in Fiscal Year 2023, with major increases in support for underserved businesses, including minority-owned businesses.To date, the Treasury Department has already approved more than $8 billion in funding to all 50 states, and an additional $108 million in technical assistance grants to 32 states through the SSBCI Capital Grant and Technical Assistance Grant programs. Each dollar of SSBCI funds catalyzes $10 of small business lending and investments – resulting in tens of billions of new small business financing across the country through 2030. This announcement represents only a portion of the nearly $10 billion SSBCI funds deployed to states, tribes, and territories to launch and expand capital access programs for roughly 100,000 small businesses. These awards are being provided through the State Small Business Credit Initiative’s (SSBCI) Technical Assistance Grant Program – part of the American Rescue Plan’s historic support for underserved small businesses that is providing capital, building ecosystems of opportunity and entrepreneurship, and creating new jobs and economic opportunity. Department of the Treasury is announcing awards of more than $50 million to 20 states to provide legal, financial, and other advisory services that are expected to help more than 10,000 small businesses owned by individuals from traditionally underserved communities secure loans and investments to grow and expand. $50 million in American Rescue Plan funds will help thousands of small businesses access historic investment opportunities from the President’s Investing in America agenda.Today, the Biden-Harris Administration celebrates the hardworking Americans who run our small businesses and are the engines of our economy by announcing the following new actions: And under President Biden, we’ve achieved the fastest growth in Black business ownership in over 30 years. These increases support wealth building in Black and Hispanic communities, as business owners report more wealth as compared to non-business owners in this survey. The percent of Black households owning a business during this same period more than doubled - after falling between 20. Data from the Federal Reserve’s Survey of Consumer Finances shows that between 20, the share of families owning a business increased by 9%, with particularly large increases among Black and Hispanic households. Under President Biden, Americans have filed a record 14.6 million applications to start businesses – a sign that the historic investment in small businesses is driving confidence and optimism from entrepreneurs, and generating more resilient and competitive markets.Įntrepreneurs of color are particularly benefiting from the Biden-Harris Administration’s increased lending and investments in small businesses. In advance of Small Business Saturday on November 25 th, the Biden-Harris Administration is announcing new actions to support small businesses-a key pillar of Bidenomics-and releasing new data that highlights the small business boom taking place during this Administration. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |