WASHINGTON – The Small Business Administration distributed tens of thousands of loans to Black and Latino-owned businesses in FY23, helping entrepreneurs from historically underserved communities access the capital they need to start, scale, and sustain the small businesses that continue to power our nation forward. These transformative investments build upon the Biden-Harris Administration’s commitment to growing the economy from the bottom up and the middle out.
See excerpts from coverage of these historic investments below:
Black Enterprise: BIDEN ADMINISTRATION MAKING GOOD ON PROMISE TO BLACK-OWNED BUSINESSES, SBA LOANS REACH $1B MILESTONE
- “The Biden administration has kept its promise to even the playing field for Black-owned businesses by way of access to necessary capital and other business resources. The United States Small Business Administration (SBA) has now surpassed the $1 billion mark in lending to Black-owned small businesses for the third year, doubling that of the 2020 fiscal year, CNBC reports.”
- “The SBA’s commitment to offering government-backed loans, without predatory interest rates, to Black-owned businesses has resulted in unprecedented growth for the estimated 161,031 companies under the umbrella and the national economy. Across those businesses, CNBC reports that more than one million people are employed, and more than $183.3 billion is brought in annually.”
The Hill: Latino entrepreneurs looking to Small Business Administration for capital
- “The Biden administration has significantly expanded its loans to Latino-owned businesses, which face an uphill battle to obtain credit from traditional lenders.”
- “The Small Business Administration (SBA) in fiscal 2023 backed 7,746 loans to Latino businesses, amounting more than $3 billion, according to official figures obtained by The Hill.”
- “That’s up from an average of just more than 5,000 loans to Latino businesses over the previous five fiscal years, including a pandemic dip in 2020 when the SBA only backed 3,877 such loans.”
- “The United States has experienced a small business boom in recent years, and people of color are a large part of that success, making progress on historical underrepresentation of Black and brown entrepreneurs in America...”
- “Access to capital is a major issue, and there has been considerable progress in lending to Black entrepreneurs during the Biden administration. SBA loans to Black-owned small businesses surpassed the $1 billion milestone for the third consecutive year in fiscal 2023 and have more than doubled since 2020...”
- “The SBA’s efforts to boost lending rates among minorities can also be seen in growth of SBA-backed loans to Latino-owned small businesses, which also more than doubled since 2020, with over $3 billion in lending.”
For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.
###
About the U.S. Small Business Administration
he U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.