Small Business Administration Announces New Equity Action Plan

The Small Business Administration (SBA) has announced a new equity action plan that will support every stage of the entrepreneurship journey.

The new Equity Action Plan aims to help entrepreneurs from underserved communities, who often experience barriers and difficulties in accessing resources to help them succeed in business.

The new SBA initiative offers 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 (“Advancing Racial Equity and Support for Underserved Communities Through the Federal Government”), the Equity Action Plan reaffirms the SBA’s role in reducing barriers to small business ownership.

One of the key elements of the Equity Action Plan is improving access to capital and bridging financial gaps through smart tools and resources.

The initiative also aims to improve access to disaster relief and help undeserved small businesses become better equipped for unexpected situations.

Access to business consulting, training and services

The action plan also improved access to business advice, training and services within unearned communities, through Women’s Business Centers, Veteran Business Outreach Centers, Field Operations Offices and the American Rescue Plan’s Community Navigators Pilot Program.

Breaking down long-term barriers

On April 14, SBA Administrator Isabella Casillas Guzman said in a speech highlighting the SBA’s historic progress to address inequalities, lower barriers and other systemic challenges facing underserved small businesses: “The SBA’s Equity Action Plan reaffirms that our agency – broad commitment to breaking down long-term barriers to ensure underserved entrepreneurs have access to the capital, networks, resources and opportunities they need to realize their American dream of corporate ownership.

In addition to plans from more than 90 other federal agencies, the SBA’s Equity Action Plan aims to level the playing field for all small businesses and startups, a priority of the Biden-Harris Administration, and enable them to compete in an increasingly global economy and new opportunities presented by transformational legislation, such as President Biden’s Infrastructure and Investment Jobs Act (Bipartisan Infrastructure Law),” continued Guzman.

Image: Depositphotos

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