One of the biggest challenges we face at the U.S. Small Business Administration (SBA) is connecting our free services to the more than 555,000 business owners in Washington. To bridge this gap, we launched an initiative with our local SBA office to ensure we empower all entrepreneurs in communities like Redmond.
Nearly two years ago, we identified the need to increase accessibility of our programs to underserved entrepreneurs, specifically to women-owned, minority-owned, New American-owned and LGBTQ-owned small businesses.
For the next six months, we sought input in Redmond and other cities from small business owners, prospective entrepreneurs, consumer advocates, labor leaders, educators, government partners, civic leaders, nonprofit executives, progressive thought leaders and community activities.
Based on the feedback we obtained, we created the Empowering All Entrepreneurs action plan. The following highlights the progress we’ve achieved during the past year; and, looks ahead to what is coming during the next year:
Technical assistance
Enhanced existing programs and expanded community outreach with new partners.
• Successfully lobbied to add additional Emerging Leaders training sites to Washington; and, have most diverse class yet – 90 percent of participants are from women-owned, minority-owned, New American-owned, veteran-owned, or LGBTQ-owned firms
• Expanded Boots to Business program for veterans and transitioning service members to provide more than 30 two-day trainings across the state
• Partnered with library branches in communities like Redmond to bring Your Business – Start Smart trainings to entrepreneurs in their own local communities
• Local partners like SCORE have opened branches around the Puget Sound to bring their business mentoring services to communities
• Coming in the next year – expansion of SBA InnovateHER Business Competition with host opportunities available to organizations in Redmond; and, Made It In America campaign for New American-owned small businesses
Capital Access
Expanding financing in the hands of underserved entrepreneurs and small business owners.
• SBA Loan Program dollars increased by 23 percent overall; and, is up 45 percent to African-American-owned small businesses and up 25 percent to women, Hispanic and Native American entrepreneurs
• The SBA Microloan Program broadened its reach to underserved communities – 52 percent of local microloans went to women and 21 percent went to African-American-owned small firms
• The SBA made the 504 Refinance Loan Program permanent this past June to provide long-tern, fixed rates to help small firms in Redmond refinance existing business debt
• Expanded programs to connect small business owners with lenders through its Coffee & Cash meetups and online tools like SBA LINC
• Coming in the next year – expansion of Community Advantage Loan Program and waiving of the SBA guarantee fee on loans up to $150,000 through the fiscal year
Service Connection
Boosted partnerships and communications to increase underserved businesses reached.
• Partnered with local libraries, the Mexican Consulate, and other diverse organizations to present SBA resources and materials in different languages in communities like Redmond
• Coming in the next year – development of Biz My Way video series, part of the My Brother’s Keeper initiative; and, partnership development for “re-entrepreneurship” training for re-integration of the formerly incarcerated
At SBA, we believe by embracing an inclusive vision of entrepreneurship – one that draws upon entrepreneurs from all communities, from all demographics, and from all backgrounds – will continue to grow our economy and create good-paying jobs.
Calvin Goings is regional administrator for SBA Region 10 in Seattle, which serves Washington state, Oregon, Idaho and Alaska.
