The Small Business Administration is a government organization dedicated to providing resources to small business owners. The organization exists to support these businesses and help them thrive in a competitive market by providing access to financing, government contracts, information and more. Now, the SBA has partnered with the Hispanic Chamber of Commerce.
One of the Small Business Administration’s main goals is to offer opportunities to small businesses in communities or demographics that are usually underserved. The SBA is strongly committed to providing for all of the nation’s underserved entrepreneurs, including women, disabled individuals, business owners located in rural communities and minorities. One of the fastest-growing minority sectors is Hispanic-owned small business. In response to this fact, the SBA recently partnered with the U.S. Hispanic Chamber of Commerce in hopes of offering support to the thousands of Hispanic-owned small businesses currently operating in the United States.
Under this new partnership, the USHCC and the SBA will collaborate with local and national Hispanic organizations in order to increase the participation of Hispanic-owned small businesses in common SBA programs. Targeted programs include the Women-Owned Small Business Program, the 8(a) program, programs offering international trade opportunities and SBA loan programs. The ultimate goals of this collaboration are to increase Hispanic-owned businesses’ participation in SBA procurement programs, to increase awareness of SBA services among Hispanic-owned businesses, and to increase loans to small businesses owned by Hispanics.
The SBA’s loans are particularly helpful to small businesses, regardless of the owner’s ethnicity. The SBA itself does not provide these loans to businesses. Instead, it backs them by promising to pay a portion of the balance to the lender if the borrower defaults. This encourages lenders to offer more financing to small businesses because they know that the loan is guaranteed by the SBA.
If you are interested in applying for a loan backed by the Small Business Administration, you can find out more right here on UnsecuredBizLoan.com. Fill out our simple application, indicate that you are interested in an SBA loan and we will contact you with more information about the programs that may be available to you.
To apply for funding for your small business, use the form on the right to begin the application process.