Access to capital and better opportunities for small business owners are the top priorities of the SBA. The SBA has supported $100.3 billion in Federal Government contracting and offered $13.5 billion to small businesses since 2009. The Hispanic-owned small businesses received special attention. SBA joined hands with the U.S. Hispanic Chamber of Commerce (USHCC) to support thousands of Hispanic entrepreneurs.
From the start of 2009, SBA has played a very crucial role in extending loans to disadvantaged business communities in U.S. The Hispanic owned businesses in the State of Washington and Northern Idaho received $58 million in loans.
As a result, Commercial lending has increased in the country. The SBA is still working hard as there is more work left to be done and challenges to be met. It is striving hard to fill in the gaps and is spreading awareness among business owners about federal assistance that is available to them. So, entrepreneurs can apply for the assistance and help their organizations grow and also create more jobs.
As far as the economy is concerned, small businesses make a great contribution with minority owned businesses growing exceptionally and Hispanic owned Small Businesses leading. The joint collaboration between SBA and USHCC will definitely lead to greater participation of Hispanic businesses in SBA programs.
The highlights of the participation are
• Information about SBA’s extensive partner network and access to the network.
• Access to capital incentives and loan programs.
• Information about the 8(a) program and Women-owned small programs.
• Opening up of trade opportunities internationally.
SBA and USHCC will work together to intensify lending to Hispanic owned small business, spread awareness about SBA programs and increase SBA businesses’ participation in SBA procurement programs with special focus given to veterans and women entrepreneurs.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com