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
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
