A landmark decision and good news for entrepreneurs surfaced recently; So, announcements are about SBA collaborating with historically black fraternities to address the wealth gap. It’s a huge announcement for people of color and a progressive step in the country’s small businesses. So, let’s have a look at all the news.
SBA Collaborating with Historically Black Fraternities to Address Wealth Gap
The Small Business Association took a great step and collaborated with bodies to make small businesses run by people of color stronger. The main focus of the collaboration is to:
- It will improve financial literacy
- Will reach out to and provide funds throughout the country
- Providing tools and resources to the entrepreneurs
- Government contracting opportunities and counseling.
The announcement came ahead of this historical collaboration before June 19th, known as Juneteenth. It’s a federal holiday on June 19th, celebrating the Emancipation Proclamation given by President Lincoln to release enslaved African Americans in secessionist states in 1863.
What can Black Entrepreneurs Expect From this Collaboration?
There were 280 new black entrepreneurs for every 100,000 adults each month in 2021. With such great progress, this little initiative by the government and concerned bodies can go a long way.
This partnership will improve the Biden-Harris Administration’s commitment to enhancing and expanding equity through federal government initiatives. Therefore, it’s good news and will help innovative small business leaders fearlessly start their endeavors.
What Does SBA have to say?
The government is constantly putting efforts into making business a success. Government action on tech innovation helpful for startups is a fine example. So, what does SBA has to say about this collaboration? Let’s have a look.
The head of the SBA, Administrator Isabella Casillas Guzman, spoke about the collaboration, saying, “This historic alliance between the SBA and the NPHC –the first of its kind for a government agency.
It will bring SBA’s valuable small business resources into reach for many small businesses and entrepreneurs, furthering the Biden-Harris Administration’s commitment to build equity and close historic wealth gaps that have held back America’s Black entrepreneurs and small business owners and their families and communities for generations.
She added, “Over the past 18 months, the SBA has made incredible progress reaching more of America’s small businesses, delivering vital resources and support to entrepreneurs who have been historically underinvested in and overlooked.
Working alongside partners and allies within the Divine Nine will provide an even greater reach for the SBA to better give the highly entrepreneurial Black community access to networks, financial literacy, technical training, and capital readiness so they can successfully realize their American Dreams of business ownership, create jobs, and advance our economy.”
Bottom Line
Collaborating with historically black fraternities to address the wealth gap and helping those with fewer resources or knowledge is a great decision. It will help small businesses to kick start their journey and expand the small business economy. Not only this, the federal government is offering $10B to eligible small businesses. So, keep checking here for further details.
Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com), an 8(a) graduate and EDWOSB, contributed to the content of this blog. She is the founder of GovCon-Biz. For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.
Please reach out to us at GovCon-Biz should you have any questions.
