The SBA says the growth reduces lending disparities and will help reach more underserved communities.
MECKLENBURG COUNTY, N.C. — The Small Business Administration has been helping power small, local businesses, in the Carolinas and across the country.
New data from the SBA shows a major increase in loans to Black-owned businesses is creating more opportunities.
“It’s relatively phenomenal growth,” Michael Arriola with the SBA said.
Since 2020 the number of loans to minority-owned businesses has more than doubled, going from 3.5% to 7.5%.
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Arriola said the growth is not only promising for Black entrepreneurs, but it also breaks the cycle of generational poverty.
“We know that generational poverty transfers just as much as surely as generational wealth does,” Arriola said. “The SBA wants to do its part by equipping people with entrepreneur resources and maybe even capital to bridge that gap.”
He said when you bring money to an economically distressed area, it impacts families and has the power to shift a community by keeping money flowing within the area and bringing more jobs.
“Its your small businesses that are going to hiring locally and using local sources for their supplies and services which keeps cash flowing,” Arriola said.
The SBA said they’re also working to sign up more lenders and open up more Women’s Business Centers to make an even greater impact.
“We have women who also happen to be minorities, the SBA can make the biggest impact by equipping them with the resources and capital they need to sustain their own businesses,” he said.
He said its all in hopes of supporting small businesses with big dreams.
More information about securing a loan for your small business can be found online.
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