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Celebrating Black Entrepreneurship: Driving America’s Small Business Boom

USA small business administration
SBA Community Advantage Program Announcement

Recognizing Resilience and Innovation

Small business owners embody resilience, creativity, and strength, especially in challenging times. Despite facing obstacles such as the global pandemic, supply chain disruptions, and a competitive labor market, small businesses, particularly Black-owned enterprises, have demonstrated remarkable resilience and creativity.

Spotlight on Success: Black Entrepreneurship in Region Eight

As America observes its 48th national celebration of Black History Month, it’s essential to acknowledge the achievements of Black entrepreneurs. Over the past three years, Black-owned businesses have played a significant role in driving one of the most extensive waves of new business ventures in American history—the Small Business Boom.

Driving Economic Growth: The Impact of Entrepreneurship

The surge in entrepreneurship is not coincidental but a result of strategic investments and initiatives. President Biden’s Investing in America agenda has revitalized the nation’s economy, reinvigorated manufacturing, and enhanced global competitiveness. These investments have fueled the growth of small businesses and created opportunities for entrepreneurs of color.

Empowering Entrepreneurs: Support and Resources

Central to this inclusive growth is the SBA’s Community Navigator Pilot Program, a groundbreaking initiative connecting community organizations with entrepreneurs. Through this program, entrepreneurs gain access to resources and support to foster the growth of their businesses. Under the leadership of SBA Administrator Isabel Casillas Guzman, record-breaking government contracting and increased access to capital have further supported the growth of minority-owned businesses.

Achieving Milestones: The Impact of Investments

The investments made in entrepreneurship have yielded significant results. Black business ownership is at its highest growth rate in three decades, leading to increased wealth and historically low unemployment rates. Despite these achievements, challenges persist, highlighting the need for ongoing support and initiatives to ensure equitable access to opportunities.

Looking Ahead: Commitment to Equity and Growth

Moving forward, efforts to increase the share of federal contracts with Small Disadvantaged Businesses demonstrate a commitment to equity and inclusivity. The SBA remains dedicated to supporting entrepreneurs from all backgrounds, fostering job creation, economic growth, and resilient communities across the nation.

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