NAWBO National Advocacy Updates
Judge Ketanji Brown Jackson’s nomination to the US Supreme Court has been confirmed, making her the first Black woman to serve in the high court and just the third African American in the high court’s 233-year history.
On April 20, 2022, in partnership with many other small business organizations, NAWBO sent a letter urging the U.S. Senator to restore funding for the State Small Business Credit Initiative (SSBCI) that was cut as part of the Bipartisan COVID Supplemental Appropriations Act.
A diverse group of business leaders, including NAWBO, released an open letter supporting Ukraine and committing to use private-sector levers to support the people of Ukraine, including humanitarian assistance. View the full letter here.
The President met with Small Business Owners to discuss how his Administration “wants to make it easier to start a business, easier for a small business to succeed. And [their] plan is to, one, expand access to capital for small businesses; make historic investments in technical assistance programs to help entrepreneurs thrive; and direct hundreds of billions of dollars in government contracts to small businesses in every community; and level the playing field, making sure the largest corporations in America begin to pay their fair share.” This came during the release of the Administration’s report entitled, “The Small Business Boom Under the Biden-Harris Administration.”
Recently, the Biden-Harris Administration released equity action plans at over 90 federal agencies as part of an effort to center equity across the federal government. Among the key elements of the SBA’s Equity Action Plan being announced:
- Access to Capital: The SBA will improve access to capital, remove barriers, and bridge financial gaps through smart tools and resources, re-engineering loan programs such as Community Advantage, and building strong relationships with community leaders such as Community Development Financial Institutions, etc.
- Improve Government Contracting Opportunities: Understanding that underserved small businesses need purchasing power, the SBA will put additional backing behind our government contracting programs and guide firms seeking self-certification as a Small Disadvantaged Business.
- Improve Access to Disaster Assistance: The Equity Action Plan will further help underserved small businesses become better equipped when facing unanticipated situations like national disasters with an increased focus on preparedness as climate change and storms intensify. Additionally, the SBA stands ready to provide these business owners with low-interest disaster loans and help them recover from declared disasters.
- Improve Access to Business Counseling, Training, and Services: The SBA will prioritize outreach efforts to underserved communities through programs such as the American Rescue Plan’s Community Navigators Pilot Program, as well as our Women’s Business Centers, Veterans Business Outreach Centers, Field Operations Offices, and thousands of resource partners to provide additional resources for businesses to start, grow, pivot, and navigate challenges presented by the pandemic.
The application period is now open for T.H.R.I.V.E. Emerging Leaders Reimagined, a free executive-level training series intended to give ambitious small business leaders a challenging opportunity to accelerate their growth through targeted training led by motivating leaders in small business development. The program allows participants to work with a network of experienced subject matter experts in core business topics. The new format also promotes business connections among business peers, government leaders, and the financial community. Learn more
- Despite losing 9.1 million jobs in the first two quarters of 2020, small businesses’ job growth rebounded swiftly following the COVID-19 recession. In the four quarters following, small businesses have gained 5.5 million jobs, making up for 60 percent of the decline during the early pandemic. Small businesses have generated 12.9 million net new jobs over the past 25 years, accounting for two out of every three jobs added to the economy. Read Advocacy’s latest fact sheet, “Small Business Job Creation.” Fact Sheet
- SBA launched two new educational modules for Ascent, a digital training platform that helps women entrepreneurs take their businesses to the next level.
- Partnerships Journey: This module explores the value of business partnerships, why they matter, and how they drive business growth and has four components, including the value of business partnerships, opportunities, and strategic growth.
- Entrepreneurial Leadership Journey: This new module helps position small businesses for growth by building and refining leadership skills and has 11 components designed to build confidence and improve decision management and leadership style techniques.
Public Private Strategies Institute is partnering with SBA through the Building a Better America: A Small Business Resource Community (BBA Community). The community will connect small businesses with critical resources and information, including how the Bipartisan Infrastructure Law, American Rescue Plan, and Made in America create opportunities to help your small business thrive! Click here for details.
Register for NAWBO National Advocacy Day, happening June 7 – 8, 2022 in Washington DC
SBA’s Office of Advocacy released its Small Business Finance Frequently Asked Questions. The document details a broad range of financial data concerning small businesses in the United States. The FAQ is a convenient place to find information on small business financing, types and amounts of capital used by small businesses, the role of different lending options for small businesses, and trends and characteristics of capital access by business owner demographic.