SBA: Rules Implemented to Address Persistent Capital Access Gaps
Loan program updates will advance equity for rural, veteran, women, and minority-owned businesses The U.S. Small Business Administration has finalized two rules to address persistent gaps in access to capital impacting small business owners in underserved communities as part of the Biden-Harris Administration’s effort to grow the economy from the middle out and bottom-up, not…
SBA: 2023 National Small Business Week Co-Sponsors and Virtual Summit Agenda Announced
Today, the U.S. Small Business Administration announced the 2023 National Small Business Week (NSBW) co-sponsors and the schedule for the Virtual Summit, taking place May 2-3, 2023. This year’s NSBW Virtual Summit will feature educational workshops presented by our co-sponsors, provide access to federal resources and offer networking to help our nation’s entrepreneurs start and grow their businesses. To register…
SBA: 2023 Phoenix Award Winners for Outstanding Disaster Recovery Efforts Announced
Today, Administrator Isabella 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, announced the 2023 Phoenix Award winners. SBA recognizes the Phoenix Award winners every year during National Small Business Week for their inspiring resilience in the aftermath of devastating natural disasters, which climate…
SBA: America’s Women Entrepreneurs Recognized During the SBA Second Annual Women’s Business Summit
In honor of Women’s History Month, the U.S. Small Business Administration (SBA) held a two-day Women’s Business Summit on March 28-29, 2023, which drew more than 10,000 participants. Attendees heard from President Biden, Administrator Isabella Casillas Guzman, the Senate Small Business Committee Chair Sen. Ben Cardin (D-MD), the House Small Business Committee Ranking Member Rep. Nydia Velazquez…
CDFI Fund: FY 2023 Bank Enterprise Award Program Funding Round Opens
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2023 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund’s websitein anticipation of the publication of the FY 2023 Notice of Funds…
CFPB: Final Rule Issued to Create New Data Set on Small Business Lending Under Section 1071 Requirements
Rule will fulfill congressional mandate and shine light on key engine of American economy The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive,…
ABA: Statement on CFPB Small Business Data Collection Rule Released
“America’s banks oppose discrimination in any form and support enforcement of fair lending laws and the goals of Section 1071. Banks of all sizes have a long history of lending to creditworthy small businesses across the country, and ABA supports bank efforts to lend to underserved small businesses. “While today’s final rule implementing Section 1071 includes a…
SBA: Statement on the CFPB Action to Finalize Section 1071 Rule
Today, Administrator Isabella 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, issued the following statement on the Consumer Financial Protection Bureau (CFPB)finalizing Section 1071, a rule that aims to increase transparency in small business lending, promote economic development, and combat unlawful discrimination: “The CFPB’s important work to advance transparency and improve data collection in small business lending enables the…
EDA: $1 Million Invested to Capitalize Revolving Loan Fund to Support Small Businesses in Northeast Ohio
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Valley Economic Development Partners, Youngstown, Ohio, to capitalize and administer a Revolving Loan Fund that will serve small businesses in Mahoning and Trumbull counties, a region impacted by fluctuations in the energy economy. This…
EDA: U.S. Department of Commerce Funds Eight Communities of Practice to Bolster Economic Competitiveness and Resiliency
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) had completed awarding $27.9 million in cooperative agreements to establish eight economic development Communities of Practice. Communities of practice are designed to connect participants to capture and disseminate practical knowledge. Each Community of Practice supported through these EDA awards will…