Under Biden-Harris Administration SBA Support for Native Entrepreneurs Has Surged
WASHINGTON, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden's Cabinet for more 34 million small businesses, kicked off Native American Heritage Month by highlighting the unprecedented progress made in supporting Native small business owners across the country.
"Native American small businesses are a vital component of the economic fabric of our nation, contributing to job creation, innovation and community development across the U.S.,” said SBA Administrator Guzman. "Under the Biden-Harris Administration, the SBA has made significant strides in its work to support and uplift these businesses, delivering the resources and opportunities needed to succeed. Every month we honor and respect Tribal Nations, and during Native American Heritage Month in particular, we acknowledge the many contributions Indigenous people have made to this country. We are proud to honor their achievements and support their continued success.”
Under the Biden-Harris Administration, the SBA has prioritized engagement with Native communities, resulting in significant advancements in federal contracting, access to capital and policy development. Currently, there are 13 Native banks or Community Development Financial Institutions (CDFIs) that lend with SBA programs, representing a 30% increase since January 2021. The SBA has nearly doubled its lending dollar amount to Native entrepreneurs from FY20 to FY24, reaching $267 million for both 7(a) and 504 lending in the last fiscal year. Native American contracting, including Alaska Native Corporations (ANCs), Native Hawaiian Organizations (NHOs), has also experienced unprecedented growth, with a remarkable 49% increase from FY20 to FY23.
Additionally, in recognition of the importance of Tribal consultation, the SBA has updated its Tribal Consultation Policy and successfully held rounds of consultations that have directly influenced final policy outcomes. The Biden-Harris Administration has also developed two groundbreaking programs to further support Native small businesses: The Small Business Tribal College Achievement (TCSBA) grant program, which enhanced entrepreneurship education and training, and the Native Trade Export Program (NATEP), which expanded Native businesses' access to international markets.
Since taking office, Administrator Guzman has made it a priority to visit Native communities, lands and convenings, surpassing the record of any previous SBA Administrator. Notable visits include the Winnebago Tribe, Navajo Nation, All Pueblo Council of Governors, Mashantucket Pequot Tribal Nation, North Dakota, Chickasaw Nation, Anchorage, Nome, Juneau, Honolulu, Maui and participation in the Reservation Economic Summit (RES) hosted by the National Center for American Indian Enterprise Development. Additionally, the Administrator has participated in the White House Tribal Nation Summits on three occasions, demonstrating the Biden-Harris Administration's commitment to Tribal consultation.
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About SBA's Office of Native American Affairs (ONAA)
The Office of Native American Affairs (ONAA) is in the U.S. Small Business Administration's (SBA) headquarters in Washington, DC. Our goal is to promote and support Native American entrepreneurs. We engage in numerous outreach activities including tribal consultations, development and distribution of promotional materials, attendance and participation in national economic development conferences.
ONAA facilitates full access to business growth and expansion tools for small businesses owned by Native Americans. ONAA engages in tribal consultations, produces promotional materials and participates in national economic development conferences.
American Indians, Alaska Natives and Native Hawaiians can use our local assistance tool to find nearby offices and resources. There, you can get counseling on whether our 8(a) Business Development Program is right for you.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
CONTACT: Christine Saah Nazer
U.S. Small Business Administration
(202) 756-0304
