Small Business News

| Huffpost

For the fifth time, Senate Republicans blocked Dilawar Syed, the nominee for the No. 2 spot at the Small Business Administration, from advancing out of committee on Wednesday.

Biden first nominated Syed in March. If confirmed, he would become the highest-ranking Muslim official in the administration. Syed has received wide support from faith groups, civil rights organizations and members of the business community.

| The Hill

To anyone who followed the news from COP26, the UN climate summit in Glasgow, it is clear that the world needs to act quickly and decisively if we are to avoid climate disaster. It turns out that the initial cost estimates were nearly always too high. Why? It comes back to ingenuity and innovation. Firms are creative when faced with challenges: They figure out all kinds of ways to make a profit given a new landscape. And, people invent new technologies and improve old ones.

| Southern Opportunity and Resilience Fund

Economic recovery program built to support the South's smallest businesses is reaching the underbanked; nearly 80% of loans have been made to businesses owned by women and entrepreneurs of color, including half to Black-owned businesses, and 76% have gone to small businesses and nonprofits with revenues under $500k. The Fund recently welcomed new investors and has an additional $53 million available to lend to small businesses through its CDFI partners.

| CT Mirror

Without reliable, affordable broadband internet, those businesses are disconnected from today’s markets. To participate in contemporary commerce, a high-speed connection is not an option or a luxury — it’s basic infrastructure. High-speed internet needs to be physically accessible and financially affordable, said Awesta Sarkash, government affairs director for Small Business Majority, a national group representing entrepreneurs and small businesses. “It’s about equity in markets,” Sarkash said.

| Colorado Springs Business Journal

Gov. Jared Polis has proposed a $40 billion state budget that business advocates are praising for its friendliness. ...Lindsey Vigoda, Colorado director of the Small Business Majority, also liked the budget proposal. “Small businesses were woven into almost every single portion of the budget,” Vigoda said. “I was pleased to see small business finally being considered in every policy solution.”

| Patch

California's landmark 2021 legislative session produced a number of significant victories for the state's small and microbusiness owners. The state continues to create, innovate, and deliver critical resources and programs designed to break down barriers to systems for small business owners.

| Refresh Miami

While Miami has become a global center for entrepreneurship, despite – or even perhaps because of – the COVID-19 pandemic, access to capital remains a looming hurdle for small businesses and minority tech founders. ...“Access to capital for small businesses is one of the biggest policy issues in the United States today,” according to the US Small Business Administration, even though new businesses create virtually all job growth in America.

| Bronx Times

According to Eater New York, more than 1,000 NYC restaurants have shut their doors for good since March 2020, and the list keeps growing. ...Research from Small Business Majority earlier this year discovered that Black and Latino small businesses were more likely to temporarily close or consider permanently closing their businesses than their white counterparts.

| U.S. Senate Committee on Small Business & Entrepreneurship

U.S. Senate Committee on Small Business and Entrepreneurship Chair Ben Cardin (D-Md.) today issued the following statement on final passage of his legislation to make permanent and expand the Minority Business Development Agency (MBDA), which was included in the bipartisan Infrastructure Investment and Jobs Act. ...The Minority Business Development Act of 2021 is endorsed by the National Urban League, Page 30 Coalition (including the U.S. Black Chambers, U.S. Hispanic Chamber of Commerce, and National ACE), Prosperity Now, LISC, and Small Business Majority.

| Inland Empire Business Journal

New program to create premium wage jobs and reward business resilience in underserved communities. ...Funding for this grant program was facilitated in part by a $1 million grant from the Rockefeller Foundation, in conjunction with Founders First Capital Partners’ recent $9 million Series A financing. Additional partners include ADP, JPMorgan Chase & Co., Union Bank, Inland Empire Regional Chamber of Commerce, Small Business Majority, and Inland Empire Black Chamber of Commerce.