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:
- “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, CNBCreports that more than one million people are employed, and more than $183.3 billion is brought in annually.”
- “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.”