SBA Set to Make New Changes
Isabella Casillas Guzman, the new head of the Small Business Administration, is set to make new changes at the agency to further help small businesses and companies.
Since the start of the pandemic in 2020, a devastating 400,000 businesses have closed.
Guzman expects small business provisions in the rescue package to help those still struggling, including $10 billion to support state lending. Another $100 million has been allocated for a new program deemed Community Navigator, which aims to educate and advise struggling business owners.
By using the Community Navigator, SBA will be able to gather information to help it determine what changes need to be made. The program is designed to partner with community financial institutions and SBA-sponsored Small Business Development Centers to assist struggling and disadvantaged businesses.
“That will provide us with a strong feedback loop from small businesses about what their needs are,” Guzman said.
Guzman, the former SBA Deputy Chief of Staff under the Obama administration, said she hopes to implement new programs that spark hope for small businesses.
“We’ll be looking at our overall programs to see a path forward for small businesses,” she told the Associated Press.
Prior to the pandemic, the agency’s main lending platforms were its 7(a) and 504 programs. These loans helped owners start and build their businesses. Such traditional loan programs will potentially see some changes, Guzman said. The 27th administrator’s agenda will also include technological enhancement.
“We just need to ensure that we’ve modernized the SBA,” she said.
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