SBA New England Regional Office – February 2022

National Black History Month

Mike Vlacich Regional Administrator New England Regional Office U.S. Small Business Administration   On February 1st, President Biden designated the month of February as Black History Month. You can read President Biden’s proclamation here. This observation serves as a reminder that Black History is American History. The contributions Black business owners have made to entrepreneurship in the U.S. are indispensable. According to the most recent data from the U.S. Census Bureau, there are over 3 million  Black-owned businesses from coast to coast, accounting for billions of dollars in annual revenue to the U.S. economy.  This month, the SBA offices across New England will be hosting events in celebration of National Black History month, sharing the stories of Black- owned business owners across the region and sharing tools and resources available. You can see our calendar of events below. We are dedicated to the success of Black-owned businesses across the nation, and we look forward to celebrating you during this year’s National Black History Month.

Black History Month Events in New England

SBA Connecticut 8(a) Application Webinar Series

February 22, 2022 – February 25, 2022

Sessions are one hour: 1:00PM – 2:00PM ET

Join SBA Connecticut for a webinar series focused on the 8(a) program. The 8(a) Program helps provide a level playing field for small businesses owned by individuals who are socially and economically disadvantaged.  In this effort, the government limits competition for certain contracts to businesses that participate in the 8(a) Business Development program. You can find out more about the 8(a) program here→ 8(a) Business Development program (sba.gov).

SBA 8(a) Business Development Program 4-part Series:

Session 1, February 22 – Get ready to apply – Preparations and the Document Checklist  Register Here!

Session 2, February 23 – A deep dive into the application – Basic Eligibility, Business Ownership, Control Register Here! 

Session 3, February 24 – More diving into the application – Potential for Success, Contributors, Non-Disadvantaged Individuals, Spouses of Disadvantaged Individuals, Disadvantaged Individuals Register Here!

Session 4, February 25 – Final Steps – Submitting the application, Tips, Your Q&A, Now What? Register Here!

SBA Massachusetts Black History Month Webinar: Black Communities & Black Businesses: Helping to Revive Our Economy

February 22, 2022 10AM – 11:30AM ET

Join SBA Massachusetts for a special program in commemoration of Black History Month!  Senator Ed Markey and Congresswoman Ayanna Pressley will share remarks, along with SBA New England Regional Administrator Mike Vlacich. 

Keynote Speaker: L’Merchie Frazier, Museum of African American History (MAAH)

Register Here

SBA Rhode Island Presents: Community Resources to Help Your Small Business Thrive

February 23, 2022 6:00PM – 8:00PM ET

Cape Verdean American Community Development Center

120 High Street, Pawtucket, RI

The SBA is pleased to be joined by U.S. Senator Jack Reed, to discuss the wide variety of resources available to help your small business start, grow, and recover. 

Senator Reed will join SBA New England Regional Administrator Mike Vlacich, and District Director Mark S. Hayward, along with local business counselors, lenders, economic development officials, and more to help make you aware of all that is out there to help your small business.

Experts will walk you through resources available to help your small business needs — from free expert business counseling, to financing programs to help start and grow your business, to wealth management and retirement planning for small business owners, to local programs that help you save. There will be plenty of time for Q&A, so bring your questions! 

Register Here

SBA Maine Celebrates Black History Month

February 25, 2022  1:00 PM – 2:30 PM ET

In celebration of Black History Month and the contributions of African American Entrepreneurs in Maine, the SBA Maine District office and the City of Portland’s Office of Economic Opportunity will host a roundtable discussion focused on the resources available to African American Entrepreneurs here in Maine. Panelists will also include successful Small Business owners, who will discuss their entrepreneurial journey to lend insight and advice to others in the African American community interested in Self-Employment.

Speakers:

• Krystal Williams, Founder of Providentia Group and Chairwoman of KinoTek
• Dr. Maxwell Chikuta, Owner of Varitas Care of Maine
• TJ Holloway, Owner of The Holloway Group and Director of Corporate Partnerships & Internships/Faculty atHusson University – College of Business
• Adilah Muhammad, Owner of ASM Properties LLC and Founder of The Third Place
• Angelina Klouthis, Interim Director City of Portland Office of Economic Opportunity

Register Here

Celebrating Black History Month

February 24, 2022 1:00PM – 2:00PM ET

Join the U.S. Small Business Administration to celebrate Black History Month! The event will feature a virtual fireside chat with SBA Administrator Isabella Casillas Guzman and Dr. Benjamin Chavis, Jr., President and CEO of the National Newspaper Publishers Association, on financial wellness, creating generational wealth through entrepreneurship, and the importance of increasing equity and access to opportunities to help uplift and support Black-owned small businesses. There will be an audience Q&A where Dr. Chavis will be joined by SBA’s Chief of Staff Antwaun Griffin and SBA St. Louis District Director Maureen Brinkley to discuss SBA initiatives and resources that support existing small businesses and new startups as they pivot and grow in a post-COVID world. The event will be moderated by Kendall Corley, the SBA’s Deputy Chief of Staff of External Engagement.

Register Here

The SBA Salutes the Resilient Small Business Community this National Entrepreneurship Week

America’s business owners have the determination to succeed — they just need the tools to help along the way This National Entrepreneurship Week, the SBA is excited to share those resources.

Our nation’s small business community is made up of a dynamic mix of individuals from diverse backgrounds who are united by their entrepreneurial drive, unwavering resilience, and unshakeable spirit. It is those shared characteristics that have helped America’s entrepreneurs persevere and thrive amid unprecedented challenges these last few years.

The SBA is honored to serve small business owners across the country now and in the days ahead, and there is no better time to echo that sentiment than National Entrepreneurship Week, February 12-19, 2022. National Entrepreneurship Week is a great time to check out the SBA’s tailored programs and services that cater to small business owners from every industry — and at all stages of growth.

We encourage you to learn more about the offerings available to you through the SBA, including online educational resources, funding programs, and local assistance. Read the full blog→ The SBA Salutes the Resilient Small Business Community this National Entrepreneurship Week.

SBA Lending Across New England

7(a) Lending

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for: 

• Short- and long-term working capital 
• Refinance current business debt 
• Purchase furniture, fixtures, and supplies 

Find out more about 7(a) Loans.

So far in Fiscal Year 2022 (October 1, 2021 – January 31, 2022) SBA approved 695 7(a) loans across New England for $215,039,700. The top 5 7(a) lenders for this time period by number of loans are: 

504 Program

The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.

504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.

Find out more about 504 Loans.

For the same time period, the 504 Certified Development Companies approved 299 loans across New England for $191,368,000. The top 5 504 lenders for this time period by number of loans are:

Stay up-to-date on SBA programs, changes, reforms and training webinars by subscribing to SBA email updates (if you aren’t already on our mailing list) at: https://www.sba.gov/updates.  And by following the New England SBA office in your state on twitter: 

New England: @SBA_NewEngland

Connecticut: @SBA_Connecticut

Maine: @SBA_Maine

Massachusetts: @SBA_MA

New Hampshire: @SBA_NH

Rhode Island: @SBA_RhodeIsland

Vermont: @SBA_Vermont