Industry News – August 19, 2021

SBA Loans to African American Businesses Decrease 35%

The American Bankers Association noted that SBA 7(a) lending was “dwarfed by the SBA’s own PPP efforts.” However, the 2020 decline in SBA 7(a) loans to Black-owned businesses also isn’t a one-year anomaly. The number of loans to Black-owned businesses has been declining for years and at a much faster rate than 7(a) loans to other borrowers.

Source: Biz Journals

SBA Awards $2.7M in Grants to 14 Women’s Business Centers

The SBA issued 14 grant awards of up to $200,000 each to organizations in 13 states as part of the Women’s Business Centers (WBC) Resiliency and Recovery Demonstration Grant under the SBA’s Office of Women’s Business Ownership (OWBO). The purpose of the grants is to establish or continue innovative projects that aim to improve service delivery, training, and support provided to women-owned businesses impacted by COVID-19.

Source: Globenewswire

Bipartisan Bill Would Expand SBA Loan Program to Include Fintech Lenders

Sens. Tim Scott, R-SC, and John Hickenlooper, D-CO, introduced legislation on Wednesday that would allow fintech lenders to participate in the Small Business Administration’s (SBA) flagship loan program by lifting a nearly four-decades old moratorium on issuing new Small Business Lending Company (SBLC) licenses.

Source: Bankingdive

33 Organizations Get SBA Grants to Help Small Business in Underserved Communities

The grant awards are part of the Federal and State Technology (FAST) Partnership Program. The grants amount up to $125,000 each and are aimed at funding specialized training, mentoring and technical assistance for research and development-focused small businesses.

Source: Small Biz Trends

As Shuttered Venue Operators Grant Program Closes, New Aid Becomes Available

The SBA is announcing a call to all eligible Shuttered Venue Operators Grant (SVOG) applicants seeking economic aid for small businesses, nonprofits, and venues that provide live entertainment. New applications will be accepted until 11:59 p.m. PT on Friday, August 20, 2021. 

Source: Brunswick Times Gazette