Minority-Owned Firms Hurt by Pandemic Will Be Focus for Small Business Administration Nominee

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At her Senate confirmation hearing, Isabel Guzman, President Biden’s pick to lead the Small Business Administration, pledged to ensure the Paycheck Protection Program and other initiatives reach minority-owned businesses

WASHINGTON—President Biden’s pick to lead the Small Business Administration, Isabel Guzman, pledged to ensure the Paycheck Protection Program and other initiatives reach minority-owned businesses and those in underserved communities during testimony in her Senate confirmation hearing.

“There are many communities that face barriers to capital or have experienced historic racism or barriers that have prevented them from building the wealth that’s needed for accessing capital,” Ms. Guzman said Wednesday during the hearing held by the Senate Committee on Small Business and Entrepreneurship.

“It’s really critical that we look at all of our programs from that lens of equity and make sure we’re reaching our underserved populations,” she added. The Paycheck Protection Program, the federal government’s main form of coronavirus aid for small businesses, will be a focus for Ms. Guzman, an Obama administration alumna who served most recently as director of California’s Office of the Small Business Advocate. Mr. Biden has said an equitable distribution of small-business aid is a priority as his administrationLawmakers from both parties have praised the program for providing a vital lifeline to small businesses during the pandemic.

 

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