Editorial: Supporting minority small business owners is a top priority

Since joining SBA a year ago, I have traveled to all five states (Louisiana, Arkansas, Oklahoma, New Mexico and Texas) and have had the opportunity to meet hundreds of small business owners. The Biden-Harris administration and SBA administrator Isabella Guzman have made equities a key focus for the recovery of small businesses still reeling from the pandemic. At SBA, we are committed to providing resources to combat the many divides among entrepreneurs of color. This includes working with financing partners to close existing gaps in access to capital and working with federal partners to increase government contracting opportunities.

– Advertising ​​-

Our efforts to increase lending to minority small business owners are moving in the right direction. In 2022, the Houston District Office Service Area lending partner made her 1,192 of her SBA loans to small businesses. Of this total, 47% were entrepreneurs of color. This is up from his 40% in 2020 during the previous administration..

Across my region, borrowers of color increased from 1,419 loans in 2020 to 2,031 loans in 2022. That’s a staggering 70% increase in two years.

We are proud of these results, but there is still work to be done. My goal is to reach out to partners, stakeholders and local authorities across the region to increase the small loans that tend to benefit entrepreneurs of color.

– Advertising ​​-

Focused entrepreneurial development. The SBA’s West Texas District Office (WTDO) East Lubbock Investment Trust Equity (elite) program. This program is hosted by 100 Black Men in West Texas, Inc.is a grassroots project aimed at creating a small shopping mall in the most economically depressed area of ​​Lubbock, Texas (East Lubbock), with the support of Texas Tech University and other partners. A crowdfunding vehicle was created and approved by the SEC along with the Rove Group’s app. It allows local residents to buy ownership of real estate by investing as little as $10 and up to $100 each month. At his 2021 citywide Juneteenth celebration in Lubbock, Texas, a survey was conducted among local residents with the aim of ascertaining their preferences regarding the location and type of desired business. was broken. This is also the basis for the current local acceptance. Land was provided by a local developer in a location desired by the community and the plans were drawn up by a local company (pro bono). This strip mall will house a small business incubator that helps organically develop local small businesses in the East. SBA resource partners Small Business Development Center (SBDC) and his SCORE are involved to provide counseling and training assistance.

Opportunities like this are occurring in all 10 districts in my area, and I am working with each district director to increase outreach to these minorities in FY2023.

Battle with the Divine Nine. In June, Administrative Officer Guzman signed a Memorandum of Strategic Alliance (SAM), signing President Reuben A. Shelton III and the National Pan-Hellenic Council ( NPHC) signed on behalf of the President’s Council. , sometimes called the “Divine Nine”. This historic partnership between SBA and NPHC is the first government agency to bring SBA’s valuable small business resources within the reach of many small businesses and entrepreneurs, building equity and building a history. furthering the Biden-Harris administration’s commitment to close public wealth. A gap that has held back generations of black American entrepreneurs, small business owners, and their families and communities. As a member of Kappa Alpha Psi Fraternity, Inc, one of nine groups he is sacred, it is my goal to work with these organizations to spread information about SBA’s programs and services. In honor of Black History Month in February, each state has a Divine Nine chapter that hosts events throughout the region.

Strengthen alignment on equity in contracting and procurement. In December, Admin Guzman and I announced the expansion of HUBZone in Louisiana. HUBZone is a program that provides small businesses in low-income communities that employ low-income residents with the opportunity to compete in the federal marketplace. The announcement approves Governor John Bell’s 2022 petition to add 25 of his HUBZone governor-designated areas to Louisiana, granting SBA access and eligibility to his HUBZone program. Expand to small businesses in these regions. We look forward to working with four other governors in the region to expand these zones, impacting jobs and economic development in underserved communities.

Edward “Ted” James is the South Central Regional Manager for the Small Business Administration (SBA). Learn more about SBA’s programs and services here www.sba.gov Follow us on Twitter @SBASouthCentral.

– Advertising ​​-