Small Business Administration Provides Resources …

From the Web: Small Business Administration Provides Resources for Black-Owned Businesses

The U.S. Small Business Administration (SBA) is celebrating National Black History Month and the contributions of Black business owners and entrepreneurs by providing resources to help them recover from economic hardships in the last year.

The latest U.S. Census Bureau figures show there are 2.6 million Black-owned businesses in the U.S., according to the SBA.

Recent figures from ACA International show the accounts receivable management (ARM) industry, which is mostly made up of small businesses, is increasingly diverse. As of 2018, 32% of ACA members indicated they were women-owned businesses, while 6% percent reported they were a minority-owned business.

The SBA’s resources include:

  • Coronavirus and Disaster Assistance, including details on the Paycheck Protection Program and Economic Injury Disaster Loans.
  • Contracting opportunities. The SBA offers contracting assistance programs that assist small businesses in securing federal contracts through mentor programs and exclusive contracting opportunities.
  • Local resource centers. SBA partners with Small Business Development Centers and Women’s Business Centers to offer additional guidance for small businesses.
  • Access to loans. SBA has funding programs and guaranteed loans available.  

Read more on resources from the SBA here.