WASHINGTON, Dec. 12, 2023 (GLOBE NEWSWIRE) -- On Tuesday, December 12, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s 33 million small businesses, hosted a Small Business Lending Summit at the White House alongside the National Economic Council (NEC) to discuss the Biden-Harris Administration’s strong record on lending to small businesses. The event focused on innovative programs and lending models that the federal government is pioneering, and how the federal government can work with lending partners to close gaps and ensure capital access for all creditworthy small businesses, especially those that are traditionally underserved or hard to reach.
The Summit, which brought together many of the SBA’s largest lending partners, provided an opportunity for lenders to engage with the Biden-Harris Administration on actions taken to expand small business access to capital in underserved areas and throughout the country, and for Administration officials to learn more about how new and recently reformed policies are being implemented on the ground. In addition, SBA announced the creation of a Small Business Lending Federal Advisory Committee in the coming months to continue hearing directly from lenders and other stakeholders about how to best meet the capital needs of small businesses, especially in underserved communities.
The summit featured two roundtable discussions as well as remarks by Administrator Guzman, NEC Director Lael Brainard, and Council of Economic Advisors Member C. Kirabo Jackson. Participants shared successes for their small business lending strategies and highlighted how recent SBA changes to modernize their lending programs have allowed for a broader and more diverse set of credit-worthy businesses to access loans, and how their improved processes have accelerated access to capital for small business borrowers. They also discussed strategies and shared best practices for facilitating more equity in small business lending.
Last year, the SBA partnered with lenders to provide a historic $34 billion in small business loans through their signature 7(a) and 504 loan programs. These loans have helped promote inclusive economic growth, with $5 billion going to women-owned businesses, a record $3 billion going to Latino-owned businesses, and loans to Black-owned businesses more than doubling since 2020. Today’s roundtable provided an opportunity for administration officials and lending leaders to discuss strategies to build on these successes to bring small business growth to new heights.
For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at Rebecca.Galanti@sba.gov.
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About The Season of Small Business
The Season of Small Business, which was established on the heels of another transformative year for small businesses under the Biden-Harris Administration, is an SBA-led initiative designed to drive Americans to shop at small businesses throughout the holiday season. For more information on the SBA’s Season of Small Business campaign, visit www.sba.gov/SeasonOfSmallBusiness.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Christine Saah Nazer U.S. Small Business Administration 202-765-0304 christine.saahnazer@sba.gov
