The Small Business Administration (SBA) has announced a new equity action plan offering support at every stage of the entrepreneurial journey.
New Equity Action Plan aims to help entrepreneurs in underserved communities, who can often face barriers and difficulties in accessing resources to help them succeed in business.
The new SBA initiative provides products and services to help all entrepreneurs in underserved communities start and run a small business.
Small Business Administration Announces New Equity Action Plan
In conjunction with Executive Order (EO) 13985 (“Promoting Racial Equity and Support for Federally Underserved Communities”), the Equity Action Plan reaffirms the SBA’s role in reducing racial barriers to small business ownership.
Among the key elements of the Equity Action Plan are improving access to capital and closing financial gaps through smart tools and resources.
The initiative also aims to improve access to disaster relief and help undeserved small businesses better equip themselves for unforeseen situations.
Access to advice, training and business services
The action plan has also improved access to business advice, training and services within undeserved communities, through Women’s Business Centres, Veteran Business Outreach Centres, field operations and the American Rescue Plan’s community navigator pilot program.
Breaking down long-standing barriers
Speaking April 14, in a speech focused on the SBA making historic progress in addressing inequalities, reducing barriers and other systemic challenges facing underserved small business communities, SBA Administrator Isabella Casillas Guzman, mentioned“The SBA Equity Action Plan reaffirms our agency-wide commitment to removing long-standing barriers to ensure underserved entrepreneurs can access capital, networks, resources and the opportunities they need to achieve their American dream of business ownership.
Along with the plans of more than 90 other federal agencies, the SBA Fairness Action Plan aims to level the playing field for all small businesses and startups, a priority of the Biden-Harris administration, and empowering them to compete in an increasingly global economy and seize new opportunities. presented by transformational legislation, such as President Biden’s Infrastructure Jobs and Investments Act (Bipartisan Infrastructure Act),” Guzman continued.