Unlocking the Potential of America’s African American Entrepreneurs

By Sarah Bard In honor of African American History Month, SBA convened a roundtable with faith leaders, small business advocates, and non-profit organizations in the African American community to discuss how we can reduce barriers, increase economic mobility, and create ladders of opportunity through our various resources. The conversation outlined the progress SBA has made in supporting minority-owned small businesses and laid the groundwork for greater collaboration in the coming months with these important community leaders. Over the past five years, SBA has made great strides in unlocking new opportunities for minority small business owners. Under President Obama, the SBA has supported record amounts of lending to small businesses — more than $130 billion to more than 225,000 small businesses during the course of five years. In FY2013 alone, SBA supported almost $29 billion in lending to America’s small business owners. Programs such as the Small Loan Advantage and Community Advantage helped fill market gaps in smaller dollar loans and loans to underserved communities. And through our counseling network of Small Business Development Centers, Women’s Business Centers, and SCORE counselors, we helped entrepreneurs acquire over $4.5 Billion in capital infusion, start over 15,000 businesses, and create and/or retain more than […]

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