Thank you, John, for that warm introduction.
And thank you for your continued leadership on behalf of our nation’s 30 million small businesses and innovative startups. I know you have been a steady force for our small business community throughout this pandemic – I saw your advocacy firsthand as California’s Small Business Advocate, so I can say definitively that America’s small businesses are better off because of your efforts.
And since this is my first event with the Small Business Majority as SBA Administrator, I’d like to take a moment to also thank you for your steadfast support throughout my nomination process. I look forward to developing a strong partnership moving forward as we work to put the needs of small businesses – particularly those owned by women and people of color – front and center.
And thank you to Awesta and the rest of the Small Business Majority team, for putting together this important event. I’m proud to be joined today by members of my leadership staff, who are a talented group of hard-working people who are truly committed to our mission.
You’ll hear from them in a moment, but first I’d like to take a few minutes to share with you why I’m so honored and privileged to serve as the voice for America’s 30 milllion entrepreneurs.
I grew up in a family-owned small business – which was a formative experience for me – and helped me see up close what it takes to start, operate and grow a venture. And that small business – my dad’s chain of veterinary hospitals - gave me and my siblings opportunity. My father went to college on the GI Bill and I went to college as a result of entrepreneurship, which I believe wholeheartedly is a critical pathway to wealth building for so many communities.
I’ve spent my entire career in the entrepreneurial space –starting small businesses, advising and advocating on behalf of small businesses and startups.
In my past couple years as California’s Small Business Advocate and now, as SBA Administrator, I’ve witnessed the best of entrepreneurial ingenuity.
Our SBs and startups have pivoted and adapted during COVID.
Adapting to a fast-changing marketplace with shifting consumer trends. Discovering new tech to improve operations and create virtual connections. Navigating supply chain disruptions that have impacted a range of industries.
America’s small businesses and startups have confronted those challenges head on.
I’ve been inspired by their agility and pure grit and determination.
Yet our small businesses are still facing a huge crisis. My message to you today is this: the federal government and the U.S. Small Business Administration are here to help small businesses recover and rebuild.
Our priority at the SBA is to bring back businesses, create jobs and build an
equitable economy that works for all of us.
Thanks to the leadership of President Biden and our champions in Congress, billions of dollars in targeted relief for our small businesses and startups has been allocated through the American Rescue Plan.
We’re focused on getting this relief to those who need our help the most – especially our smallest and minority-owned businesses who have faced historic barriers limiting their growth, and who were disproportionately impacted by the pandemic.
We’re doing that by increasing accessibility to our programs – incorporating technology and simplifying processes – and putting ourselves in the shoes of our customers. Just as our nation’s entrepreneurs have pivoted and adapted to the new COVID marketplace, we’re pivoting and adapting to meet them where they are.
And I’m proud to say that it’s working.
We recently launched the $28.6 billion dollar Restaurant Revitalization Fund that was part of the American Rescue Plan.
When Congress authorized this program, they mandated a 21-day priority period for restaurants, food and beverage businesses owned by women, veterans, and socially or economically disadvantaged people.
They also included $5 billion in set aside funding for the smallest of the small food and beverage businesses – the food carts, food trucks, caterers and others – and the SBA added to that with another $4.5 billion in set-aside funding, which includes special set-aside of $500 million for businesses with revenue of $50,000 dollars or less.
Within one week of launching this program, we received more than 265,000 applications representing over $65 billion in requested funds. So far, we’ve been able to get relief into the hands of more than 21,000 food and beverage businesses owned by women, veterans, and people of color.
We’ve been told by applicants that the process was streamlined and simple and took less than 20 minutes.
And many took advantage of our partnerships with several point-of-sale vendors, including Square, Toast, Aloha and Clover, to apply directly through the technology they’re already using.
The success we’ve seen with this program in reaching our underserved businesses is just the beginning.
I plan to implement this customer-first approach across all SBA programs and services. I’ve challenged SBA staff to be as entrepreneurial as all of you - the small businesses we serve. And we will do it with a focus on equity – to bridge the gaps that exist so that ALL of our entrepreneurs can be supported.
Equity will remain my north star. And I’m proud to serve in an administration that, from day one, has directed the entire federal government to make equity a priority. As President Biden said: “What many Americans didn’t see, or had simply refused to see, can’t be ignored any longer. Now is the time to act.”
Equity is important for all of us. Not just because it’s the right thing to do, but because it will help us build back better by creating jobs, growing our economy, and helping our nation compete globally.
I often reference a Morgan Stanley study that looks at what our economy is missing by failing to invest in women and minority-owned businesses. This study identified an opportunity gap of up to $4.4 trillion, that exists because a lack of support and investment keeps women and minority entrepreneurs from achieving the same revenue and job creation levels as businesses owned by white men. Think about that. We’re leaving $4.4 trillion on the table. These left-behind businesses could be a driving force in our economy. That type of economic activity would help lift all of our small businesses.
When I became SBA Administrator, the agency had changed and scaled dramatically -- growing from a $40 billion dollar portfolio to over a trillion. with more lending partners than ever before, and more stakeholders and interest broadly.
Right now, we’re focused on providing immediate relief. But we’re also looking to the future to build long-term recovery to help our small businesses grow and thrive.
President Biden’s $2 trillion-dollar American Jobs Plan is a once-in-a-century investment in our nation’s infrastructure that will provide many opportunities for small businesses and innovative startups.
It will give them the tools and opportunities they need to grow and thrive by …increasing funding through credit and venture capital … increasing revenue and contracting opportunities through key investments in infrastructure, broadband, supply chains … …and increasing R&D to help businesses grow, including funding for incubators and innovation hubs that will support entrepreneurship in communities of color and underserved communities.
This plan rewards work, not wealth – and, as you know, small business owners are the workhorses of our economy.
It is a bold investment in America’s future.
America’s small businesses are up to the task.
If we give them the tools, they will innovate, create, build, and reconfigure.
That’s what they do. That’s what the entrepreneurial spirit is all about.
It’s up to us to give them the support they need and ensure that every dream, every idea, every flash of inspiration can grow.
And I know that together, we’ll bring businesses back, create jobs, and connect all entrepreneurs in America to the support they need to start, grow, and be resilient.
Thank you.