WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses and startups, announced the SBA’s updated 2023 Equity Action Plan outlining actionable steps the agency will take to advance the Biden-Harris Administration’s commitment to investing in equity, including expanding access to capital and revenue growth opportunities; tailoring business counseling, training, and other services; and increasing access to disaster assistance for underserved communities.
“Under the Biden-Harris Administration, the face of entrepreneurship is changing as Americans from traditionally underserved and underrepresented communities start businesses at record rates,” said Administrator Guzman. “The SBA’s updated Equity Action Plan recognizes the tremendous value that diverse entrepreneurs bring to our economy in terms of job creation, innovation, and domestic and international competition. As America continues to enjoy an unprecedented Small Business Boom, the SBA remains determined in its efforts to boost entrepreneurship among people of color, women, veterans, and those from rural communities, and this updated Equity Action Plan is a testament to that commitment.”
This Equity Action Plan aligns with the Executive Order that President Biden signed on his first day in office, requiring every federal agency to conduct comprehensive assessments of their programs, policies, and practices to ensure that they equitably serve all communities and individuals – especially those historically underserved.
The SBA identifies underserved communities as those populations and geographic communities systematically denied the opportunity to participate fully in aspects of economic, social, and civic life. Some SBA programs utilize a specific definition for underserved communities and/or disadvantaged small businesses as outlined in program statutes and regulations.
The 2023 Equity Action Plan outlines the following strategies:
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