Increasing Capital to Underserved Small Businesses through Community Financial Institutions
Community Financial Institutions (CFIs) – Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries – excel at reaching underserved small businesses, including minority-, women-, and veteran-owned entrepreneurs, in need of capital. To increase access to capital in underserved markets, by September 30, 2023, the SBA will expand the number of CFIs enrolled in Lender Match by 20%.
Increasing Disadvantaged Small Business Growth through Federal Procurement
Support a robust national recovery and a resilient Federal supply chain by leading a government-wide initiative leveraging the federal government’s purchasing power. By September 30, 2023, the SBA will increase federal contracting awards to small disadvantaged businesses (SDBs) to 12%, promoting diversity, equity, inclusion, and accessibility to help more Americans realize their entrepreneurial dreams while growing the U.S. industrial base.
Building Disaster Resilient Communities
The severity and frequency of natural disasters has increased across the United States due to the impacts of extreme weather resulting from climate change. SBA disaster loans can help survivors take steps to better prepare for future disasters by funding mitigation measures that will help homeowners and businesses minimize disruption and recover more quickly. By September 30, 2023, the SBA will increase the number of loans that include mitigation measures by 20%.
