The Small Business Administration (SBA) has released an action plan outlining steps to address inequalities, lower barriers, and other systemic issues that small business communities face.
The following statement was issued by the head of the US Small Business Administration (SBA), highlighting the importance and impact of the SBA’s Equity Action Plan as part of a coordinated effort by more than 90 federal agencies.
“The SBA’s Equity Action Plan reaffirms our agency-wide commitment to breaking down longstanding barriers to ensure underserved entrepreneurs can access the capital, networks, resources, and opportunity to realise their American dream of business ownership,” said Administrator Isabella Casillas Guzman.
“Alongside plans from over 90 other federal agencies, the SBA’s Equity Action Plan aims to level the playing field for all small businesses and startups,” he added.
Key elements of the SBA’s equity action plan being announced include:
Access to capital:
The SBA will improve access to capital, remove barriers, and bridge financial gaps through smart tools and resources, re-engineering lending programs such as community benefits, community leaders such as community development financial institutions, Building strong relationships etc.
Improving Government Contracting Opportunities:
Understanding that underserved small businesses need purchasing power, the SBA will provide additional support behind our government contracting programs and those seeking self-certification as a small underserved business will guide the firms.
Improving access to disaster assistance:
The Equity Action Plan will help underserved small businesses be better equipped when faced with unforeseen circumstances such as national disasters, with a greater focus on preparedness when climate change and hurricanes intensify.
Additionally, the SBA is ready to provide these business owners with low-interest disaster loans and help them recover from declared disasters.
Improving access to business counselling, training and services:
Prioritising outreach efforts to underserved communities through programs such as the SBA American Rescue Plan’s Community Navigator Pilot Program, as well as our Women’s Business Centres, Veterans Business Outreach Center, Field Operations Office, Will give and thousands of resources to provide additional resources for partner businesses to start, grow, pivot and navigate the challenges presented by the pandemic.
To learn more about the SBA’s Equity Action Plan, please visit SBA Equity Initiative,
