Small Business Administration Archives - POCIT. Telling the stories and thoughts of people of color in tech.

Operation HOPE And Small Business Adminstration Renews Partnership To Empower Minority Entrepreneurs

Operation HOPE, a national nonprofit focused on entrepreneurship and financial literacy, has renewed its Strategic Alliance Memorandum (SAM) with the US Small Business Administration (SBA). The collaboration aims to uplift small businesses nationwide, with an emphasis on minority-owned enterprises. Expanding Access to Essential Resources During a recent visit to Operation HOPE’s headquarters, SBA Administrator Isabel Casillas Guzman and other officials met with the leadership of Operation HOPE. They discussed strategies to extend resources to entrepreneurs, particularly those in underserved communities. Under the renewed agreement, both organizations will enhance access to

Business Owners Of Color Must Now Write Essays Proving ‘Social Disadvantage’ To Receive SBA 8(a) Loans

Business owners of color seeking Small Business Administration (SBA) loans can no longer say their race is a disadvantage without a three-page letter to back it up. According to the Insider, applicants must complete a “social disadvantage narrative” to receive funding through the SBA’s 8(a) Business Development program. SBA’s 8 (a) Program The 8(a) Business Development program is a robust nine-year program created to help firms owned and controlled by socially and economically disadvantaged individuals. Businesses participating in the program receive training and technical assistance designed to strengthen their ability

First Black Female Executive For U.S. Small Business Administration Steps Down

Natalie Madeira Cofield, the assistant administrator for the Office of Women Business Ownership at the US Small Business Administration (SBA), has stepped down from her role to pursue a new venture. Cofield, recognized as one of the high-ranking Black women in the president’s administration, was also the first Black woman to hold that position and head a female business ownership office. According to Bloomberg, the Executive Director of the National Women’s Business Council Tene Dolphin praised Cofield for her hard work in a recent statement. “Her tireless efforts during her tenure