Thank you, Michael for your introduction – for all you do. I had the pleasure of getting to know Michael during the Biden-Harris transition and I am forever grateful that you stepped up to service to continue on with the landing team to help the SBA before my arrival. And thank you to the entire Next Street team for bringing us together at this event.
It’s really exciting to see that we have so many people here today to learn about our Community Navigator Pilot program. You know, President Biden spoke to me about this program when I was nominated in December, recognizing that it is critical we better connect small businesses to resources as not everyone has a lawyer or doctor on speed dial. so this is a top priority from the top down.
As the voice for America’s 30 million small businesses and innovative startups, I’m committed to this program because it will help us reach businesses that have historically been underserved by the SBA – especially those owned by people of color, who have faced barriers to capital, markets and networks for far too long – and suffered disproportionate impacts from the pandemic – leading to economic inefficiencies that hold us back as a nation.
I’m focused on equity because I believe that if we are going to build back better, we must ensure that all entrepreneurs have access to the resources and support they need to recover, rebuild and be resilient.
I grew up in a small business – and have spent my entire career in the entrepreneurial space –starting, advising and advocating on behalf of small businesses and startups.
I know the determination and broad range of skills it takes to successfully start, operate, grow and be resilient. And 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 small businesses and startups have pivoted and adapted during COVID.Adapting to a fast-changing marketplace with shifting consumer trends and safety requirements. 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. Yet our small businesses are still facing a huge crisis. And it will take all of us to help our small businesses recover. And Thanks to billions of dollars of relief secured through the American Rescue Plan, we’re here to help them not just recover, but build back better.
I’m proud to say that we successfully launched the $28.6 billion Restaurant Revitalization Fund last week with an emphasis on the customer first, technology and equity -- 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, who received priority access to the program. And we are reaching the smallest of the small businesses through this program, with one-third of the total funds set aside just for them.
We also recently launched the Shuttered Venues Operators Grant program, which is giving out $16.2 billion to help operators of concert halls, movie theaters, stages, museums and other venues continue to pay their bills until we can bring back the performances and experiences that are the lifeblood of our American culture.
With PPP and EIDL, we’ve now gone beyond $1 trillion dollars in relief. And, so far in 2021, 95 percent of PPP loans have gone to Main Street businesses with fewer than 20 employees.
Our efforts are paying off and the RRF reflecting my priorities has met our small businesses where they are…
We’re hearing from small businesses that the processes are much simpler, and more accessible. And we know that these funds are making a big difference – for small businesses and the communities that depend on them.
Michael Shemtov, who owns Butcher & Bee in Charleston, South Carolina, talked about how it took 15 minutes for him to apply for the RRF program. He also noted how just knowing the funds are out there made him and other restaurant owners feel optimistic again.
“It gave us confidence,” he said. “Now I’m focused on positioning my business to be as resilient as possible.”
This immediate relief is critical. But, we also have to look to the future.
That’s where the Community Navigator Pilot program comes in. We want to remake the way that the SBA connects with small businesses, by meeting them where they are instead of waiting for them to come to us.
We want to reach beyond the traditional bridges – that only get us part of the way – to build stronger, more sustainable bridges to entrepreneurs from all walks of life, in every corner of our nation.
From our sole proprietors to small employers – from main street to manufacturing to the innovative tech and science based startups that are creating new industries or developing solutions to the world’s problems.
We want them all to know that we’re here to help them build back better.
There are three questions that we hear most often.
What resources are there for me?
Do I qualify for them?
Where and how do I get them?
Our hope is that with the help of our partners through the Community Navigator program, we can ensure that when a small business asks those three questions, they’ll know exactly where to go for the answers.
The two-year pilot program offers funding to nonprofits, state and local governments, universities and tribal entities to partner with us at the center of a hub and spoke network. These hubs will then support spoke organizations -- trusted, culturally knowledgeable local groups and individuals -- that will connect to specific sectors of the small business and entrepreneurial community.
We believe this program represents an opportunity to really transform small business ecosystems.
We’re counting on you to do that - to build back small business ecosystems that are better than they were before - more supportive, more inclusive, more effective.
Now, you may have noticed that I haven’t described a vision for how this will be accomplished.
We are not pre-determining what the best model is for the respective underserved community you support, but I know there are a lot of models out there that you all are working through. We want you to research and test things out to figure out what works – what will have the best impact
Use forums like these to learn from your colleagues, share best practices, create new connections, and use your collective experiences, resources, and data to build prosperity in your communities.
Dream big on what you can accomplish together - I know that you will all deliver for your communities and the small businesses within them.
Our small businesses are giants in our economy – and this program in particular is a recognition of the important role they play in our recovery and the critical need for innovation to create better pathways to opportunity and success so our businesses can start, get funded, grow, access markets, build networks and be resilient.
Your presence today and willingness to collaborate demonstrates to me that together, we will help all entrepreneurs bring businesses back, create jobs and build an equitable economy that works for everyone.
Thank you for your work – I look forward to tracking your impact.
I’ll pass it to [Mark / Natalie] to share the program in more details.