Both President Joe Biden and Administrator Guzman — the highest-ranking Latina in the president’s administration — have made strengthening Hispanic-owned small businesses a priority. Over the last 33 months we have seen the fastest creation rate of Hispanic-owned businesses in over a decade, which was more than 20% faster than pre-pandemic levels.
Goal 1: Improve access to capital for underserved communities, including Hispanic small-business owners. SBA is investing in additional technology to match underserved borrowers with Community Financial Institutions including Community Development Financial Institutions. For borrowers, application requirements will be simplified, data will integrate automatically, a high-quality customer service support system will be available and the process will be mobile-friendly.
Goal 3: Provide support and expanded access to disaster assistance. SBA will work with its field and program offices to develop a systematic and formal process with its resource partners to assist minority-owned businesses with disaster loans including application completion, reconsiderations, credit repair and managerial and technical services.Goal 4: Increase access to business counseling, training and services.