8:46 PM Government Business Loans For Minorities! | ||||
#government business loans # Government Business Loans For African Americans and Other Minorities! Since 1994, the Small Business Administration has made more than $14,000,000,000 ($14 billion) in small business loans to 63,000 minority-owned businesses! Last year, 28% of the more than $12,000,000,000 ($12 billion) in SBA small business loan dollars went to minority owned small businesses! That’s $3,400,000,000 ($3.4 billion) in small business loans to over 12,000 minority owned small businesses! Click Here For More On Government Business Loans For African Americans and Other Minorities! The number of small business loans approved by the U.S. Small Business Administration (SBA) for small businesses owned by African Americans has nearly tripled since 1992, from 741 small business loans worth $132,000,000 to 2,176 small business loans worth $383,000,000 last year, SBA Administrator Aida Alvarez announced. The increase pushed the total volume of small business loans made to support African American-owned small businesses over the seven-year period (1993 to 1999) to 13,470 small business loans worth more than $1,900,000,000 ($1.9 billion). Over the past 30 months, the SBA has launched a wide-ranging outreach initiative designed to sharply increase the amount of small business loans available to minority and women owned small businesses. According to SBA’s Office of Advocacy, the number of small businesses owned by African Americans grew by 108% between 1987 and 1997, to a total of 880,000 small businesses. Revenues grew at a similar pace, to about $59,000,000,000 ($59 billion). Small Business Administrator Alvarez has set aggressive new 3-year lending and outreach goals for financing small businesses in the African American business sector, and has committed the agency to an ambitious and creative program to provide access to the capital tools necessary to finance these small businesses. Under Administrator Alvarez, SBA is working to achieve its small business loan goals by working in partnership with a variety of major business and civic associations and local community groups. These partnerships are based on formal agreements that will help SBA more effectively reach small business owners in minority communities with information about SBA programs. Administrator Alvarez has signed partnership agreements with groups representing more than a million African American-owned small businesses, including:
At a time when the American economy is producing greater and greater prosperity across the country, these small business loans represent our determination to make sure that the doors of opportunity are opened wide to everyone with the creativity and determination to step through them, Administrator Alvarez said. But we still have a long way to go. Despite their higher growth rates, minority owned small businesses still remain under-represented in the ranks of small business owners. African Americans make up 12.5% of our population, but they own just 3.6% of all small businesses. Click Here For More On Government Business Loans For African Americans and Other Minorities! Copyright © E.Q. Marketing International (EQMI)
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