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As our nation celebrates National Black History Month, the country and its states are actively planning and holding activities and events built around the advancement of racial equity. Black experiences have been highlighted and past accomplishments celebrated during this month dedicated to this important and significant segment of our society. This is the perfect time to acknowledge the successes and importance of black-owned businesses in Utah.
In February 2020, the SBA Utah District Office signed a Strategic Alliance Memorandum (SAM) with Utah’s Black Chamber of Commerce, which allows the office to have a collaborative and focused working relationship with the Chamber, and jointly provide support and resources to the many black-owned businesses in our state. SBA’s Utah District Office relies on resource partners such as the Women’s Business Centers and the Small Business Development Center Network along with its network of SAM partners that can assist and nourish small disadvantaged businesses throughout the state.
The Utah Black Chamber knows the integral role that black-owned businesses play in Utah’s business community. James Jackson, Founder of the Utah Black Chamber commented, “By becoming a stronger resource for these businesses through our alliance with the SBA, we look forward to Utah’s small business landscape becoming more vibrant and culturally diverse, and creating a more inclusive environment for the black community.”
The SBA is continually taking steps to create and provide programs and services to assist Black business owners. Obtaining capital remains one of the biggest roadblocks for Black entrepreneurs. The Utah District Office is working closely with its partners to ensure minority-owned businesses have access to the funding they need to remain economically viable within their communities.
The SBA provides various options for small business owners to access required funding. SBA’s capital programs range from smaller loans offered under its Microloan and Community Advantage programs to its more robust offerings under its 7(a) or 504 programs. These wide range of funding options make capital available to start-ups with no financial history, lower credit scores, and limited collateral, as well as mature businesses looking to grow and expand.
Our Community Advantage program provides an SBA-backed loan of up to $250,000. It is a program that partners the SBA with mission-oriented lenders to ensure businesses in underserved markets, including our black-owned companies, have access to capital when they can’t qualify for other SBA programs. Besides providing funding, those administering the program provide training and counseling in a variety of areas such as business plans reviews, cash flow analysis, accounting training, market research, sales growth, management, and organizational structure selection.
In his official proclamation for National Black History Month, President Joe Biden said, “Each February, National Black History Month serves as both a celebration of and a powerful reminder that Black history is American history, Black culture is American culture, and Black stories are essential to the ongoing story of America – our faults, our struggles, our progress, and our aspirations. Shining a light on Black history today is as important to understanding ourselves and growing stronger as a nation as it has ever been.”
The President continued referring to pending legislation in Congress that would supply millions of dollars to develop and strengthen Black-owned businesses. “We will deliver major investments in Black entrepreneurs and small businesses – including making the Minority Business Development Agency permanent and seeding it with a record $110 million in new resources to help level the playing field for Black businesses,” Biden said.
James Jackson, Founder of the Utah Black Chamber said in a statement, “The future for Black-owned businesses in Utah is very bright. We saw this as more Black businesses became more visible and more Black businesses were created in the midst of a pandemic.” The Utah SBA District Office is thrilled to continue to work together with the Utah Black Chamber and renew their Strategic Alliance Memorandum agreement later this month.
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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.
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