Access to capital

Small Business Majority requests transparency in PPP lending

On June 18, Small Business Majority called on U.S. Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza to develop an oversight mechanism of the Paycheck Protection Program (PPP). In a letter sent to the Administration, Small Business Majority proposed a straightforward approach to collecting relevant borrower information, while making publicly available only the full data of the highest 15% of borrowers.

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Submitted by [email protected] on Thu, 06/18/2020 - 06:47

Chicago salon owner uses creative energy to survive crisis and bring self-care back to her community

Posted: June 16, 2020

Sherry Spellers combined her two passions to create a small business success story: a knack for repurposing old trinkets, with the desire to make women look and feel beautiful.

Her journey as a hairdresser was marked from an early age, when a traumatic incident caused Sherry to lose her hair. “I felt so ugly and ashamed. I knew in that moment that I wanted to help women feel good about themselves, and hair was a great way to do that,” says Sherry.

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Despite setbacks from COVID-19, immigrant small business owner continues to chase opportunities for her business and community

Posted: May 29, 2020

As a first-generation immigrant, Anahi Rojas knows a thing or two about chasing opportunities. 

Anahi, owner of Professional Eco Cleaning in Oakland, Calif., moved to the United States 13 years ago to seek new economic opportunities and improve her life and that of her family in Mexico. Initially, she worked as a waitress but soon realized the language barrier would be a problem. She pursued other avenues and became a partner at in house cleaning cooperatives where she learned how to manage a business, and developed her conflict resolution strategies. 

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Even with emergency loan funding in hand, Florida small business isn’t able to operate at full speed

Posted: May 26, 2020

Mark and TJ Goettsch started their business during the Great Recession, so this couple knows a little something about running a business through times of financial crisis. However, when COVID-19 hit, it impacted their business and thousands of others across the country in completely unprecedented ways. 

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California small business owners report devastating impacts of COVID-19, need immediate cash assistance to survive

Publisher: 
Small Business Majority
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Date: 
Tuesday, April 21, 2020

It’s no secret that California has been hard hit by the spread of COVID-19, with a vast 2.7 million applying for unemployment in the past four weeks, and the impacts have been particularly severe on small businesses that have seen their revenues take a nosedive overnight. With the economy on pause, Main Street has been left to cope with how to stay afloat during this unprecedented time.

Small business owners report devastating impacts of COVID-19, need immediate cash assistance to survive

Publisher: 
Small Business Majority
English
Date: 
Tuesday, April 14, 2020

It’s no secret that the spread of COVID-19 around the country has already had a devastating impact on small businesses. With the economy on pause and uncertainty gripping communities across the country, Main Street has been left to cope with how to stay afloat during this unprecedented time.

Small Business Majority urges SBA to disburse EIDL funds and cash advances in a timely manner

Amidst reports that small business owners around the country are waiting days and weeks to receive their Economic Injury Disaster Loan (EIDL) funds and that borrowers are not receiving their loan advances as required by the recent stimulus package, Small Business Majority sent a letter to the U.S. Small Business Administration demanding that they address this issue and ensure better communication and efficiency in the loan process. 

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Submitted by [email protected] on Wed, 04/08/2020 - 15:51

Small Business Majority Comments on CRA Proposed Rule Changes

Today, Small Business Majority submitted comments to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation regarding proposed rules changes to the Community Reinvestment Act. Some of Small Business Majority's concerns include that these proposed changes would negatively impact underserved entrepreneurs in low and moderate income (LMI) communities and disincentive banks from making qualified smaller-dollar loans that are the lifeblood of small businesses. 

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Submitted by Awesta Sarkash on Wed, 04/08/2020 - 05:42

COVID-19 and the impact to small business: Policy solutions to immediately support America’s job creators

As cases of COVID-19 continue to rise throughout the country, so does its impact on our economy. From stock market dips to decreased foot traffic in thriving neighborhoods, it's vital that our federal and state officials enact short and long-term policies that will offset these effects, particularly for our small business community, whose success is critical to our nation's economic health. Focusing on key policy issues will help support America's job creators. 

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Submitted by Awesta Sarkash on Thu, 03/12/2020 - 13:24

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