LIVE STREAMING
SBA is hitting aid targets for black owned businesses. Photo Courtesy, Bruce Mars/Unsplash
SBA is hitting aid targets for black owned businesses. Photo Courtesy, Bruce Mars/Unsplash

The rise of lending to Black-owned businesses and underserved communities by the SBA

The SBA has set records with lending and assistance during COVID-19 relief to aid small business recovery and growth.

MORE IN THIS SECTION

Watch Out For Diabetes!

July 28th, 2022

LLI launches new program

July 13th, 2022

SHARE THIS CONTENT:

The U.S. Small Business Administration (SBA)'s Eastern Pennsylvania District acknowledged compelling loans to small Black-owned businesses and underserved communities have increased. 

This increase has led to job creation and entrepreneurial growth across the region. 

"As we celebrate Black Business Month, we are proud to announce that the number of lenders, who have made a loan to Black-owned businesses located in Eastern Pennsylvania, has increased by nearly 44% over the same period last year. Loan volume to Black-owned businesses is over 111% in the number of loans and over 231% in the dollar amount of loans approved (72 loans for $26.3M) over the prior fiscal year," said Director Steve Dixel, SBA Eastern Pennsylvania District.

According to the SBA, across the 40 counties of the Eastern Pennsylvania District, the SBA 7a loan program made more loans to underserved communities. 

The breakdown of the increases is as follows: 105.9% more loans to Hispanic-owned small businesses (70 loans for $20.3M), 100% more loans to American Indian-owned small businesses (4 loans for $5.8M) and 1.2% more loans to Asian-American/Pacific Islander-owned small businesses (85 loans for $80.9M).

"In traditionally underserved markets, small businesses are accessing vital capital essential to their success in our communities. SBA lending programs play an important role in helping small businesses to start, grow and succeed. I am proud of our District team's work to engage lenders and the positive trends we see in SBA lending," Dixel said.

Thanks to Administrator Isabella Casillas Guzman's leadership, the SBA has made access to capital for business owners in underserved communities a primary target. The goal is to lower barriers for entrepreneurs, build on impactful programs, and connect small businesses with the resources needed to thrive. 

Last year, the SBA set a record with the number of traditional loans to small businesses. This is in addition to the $1.1 trillion in COVID-19 relief to aid the nation's economic recovery and growth.

The aid went a long way toward helping the small businesses most heavily impacted by the pandemic. 

The SBA offers seven types of loans. Standard, Small Loan, SBA Express, Export Express, Export Working Capital, International Trade, Preferred Lenders, Veterans Advantage and CAPLines. 

For a complete list and more information about each type of loan, visit: https: //www.sba.gov/partners/lenders/7a-loan-program/types-7a-loans

SBA's website also guides future business owners on how to create a business with a 10-step link. Their website is also divided into 'Browse business topics' with links to 'Plan your business,' 'Launch your business,' 'Manage your business,' and 'Grow your business.' And lastly 'How we help small businesses.' Which also has 'Free business counseling,' 'SBA-guaranteed business loans,' '​​Home & business disaster loans,' and 'Federal government contracting.'

  • LEAVE A COMMENT:

  • Join the discussion! Leave a comment.

  • or
  • REGISTER
  • to comment.
oluwatomiwa.dayceon
𝐈 𝐠𝐞𝐭 𝐩𝐚𝐢𝐝 𝐦𝐨𝐫𝐞 𝐭𝐡𝐚𝐧 $𝟗𝟎 𝐭𝐨 $4𝟎𝟎 𝐩𝐞𝐫 𝐡𝐨𝐮𝐫 𝐟𝐨𝐫 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐨𝐧𝐥𝐢𝐧𝐞. 𝐈 𝐡𝐞𝐚𝐫𝐝 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐣𝐨𝐛 𝟑 𝐦𝐨𝐧𝐭𝐡𝐬 𝐚𝐠𝐨 𝐚𝐧𝐝 𝐚𝐟𝐭𝐞𝐫 𝐣𝐨𝐢𝐧𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐈 𝐡𝐚𝐯𝐞 𝐞𝐚𝐫𝐧𝐞𝐝 𝐞𝐚𝐬𝐢𝐥𝐲 $𝟏𝟎𝐤 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐡𝐚𝐯𝐢𝐧𝐠 𝐨𝐧𝐥𝐢𝐧𝐞 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐬𝐤𝐢𝐥𝐥𝐬 . 𝐒𝐢𝐦𝐩𝐥𝐲 𝐠𝐢𝐯𝐞 𝐢𝐭 𝐚 𝐬𝐡𝐨𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐚𝐜𝐜𝐨𝐦𝐩𝐚𝐧𝐲𝐢𝐧𝐠 𝐬𝐢𝐭𝐞…

Open The Link———–>>>𝐰𝐰𝐰.𝐥𝐢𝐯𝐞𝐣𝐨𝐛𝟐𝟒𝟕.𝐜𝐨𝐦
humzah.rhyatt
Making money online more than $15k just by doing simple work from home. I have received $18376 last month. Its an easy and simple job to do and its earnings are much better than regular office job and even a little child can do this and earns money. Everybody must try this job by just use the i nfo on this page.

Open The Link----------->>> 𝐖­­𝐰­­𝐰­­.𝐖­­𝐨­­𝐫­­𝐤­­𝐒­­𝐢­­𝐭­­𝐞­­𝟐­­𝟒.𝐂­­𝐨­­𝐦
  • LEAVE A COMMENT:

  • Join the discussion! Leave a comment.

  • or
  • REGISTER
  • to comment.
00:00 / 00:00
Ads destiny link