With millions of small companies reeling from the pandemic, owners and advocates hope the Small Business Administration under President Joe Biden will offer more solutions to their troubles.
But what is it small businesses actually want from the SBA?
In the short term, according to The Wall Street Journal, advocates say that more needs to be done to protect and rebuild businesses devastated by COVID-19, such as loosening standards to obtain loans and making it easier to get access to advice and information. Long term, some advocates say, systemic changes are needed to strengthen the small business community and better serve groups of entrepreneurs who aren’t getting the help they need right now.
After COVID-19 recedes as a threat, “more attention can be paid to the inadequacies exposed by COVID-19 that are ripe to be fixed,” says Scott Gerber, CEO of the Community Company, which builds and manages professional associations for C-suite and senior-level executives.
Strategies might include expanding the agency’s outreach efforts to smaller, newer businesses, as well as giving more support to businesses in minority, rural and disenfranchised communities, Gerber says.
In a statement, SBA Administrator Isabella Casillas Guzman says, “My number one priority for the SBA under my leadership is to ensure we’re doing everything we can to help bring businesses back, create jobs and build an equitable economy that works for everyone.” Read the full story.