Black Female Entrepreneurs Granted $160M by Small Business Association
A new report revealed the Small Business Association granted more than $160 million in loans to African American women-owned businesses this year. Nearly 700 loans were approved through the agency’s 7(a) loan program, with a 20 percent increase in the loan’s dollar amount. Its 504 loan program, offering long-term, fixed-rate financing, saw a 36 percent increase in its loan dollar amount for black female-owned businesses.
The last 45 years have seen the number of African-American women-owned businesses increase more than 3,000 percent. According to the SBA, women own 9.9 million businesses in the U.S., employ more than 8 million people and produce $264 billion in wages. The agency is now recognizing October as National Small Business Month to honor entrepreneurial women.
The Realist Woman’s take:
This report definitely makes me proud to be an African-American woman and also inspires me in a number of ways. This blog forced me to take on an entrepreneurial role which is something I’d never thought would happen. But to go out and work hard to make something of your own in this world, with all the obstacles facing African-American women, only to have the support of the Small Business Association is everything. They are literally investing in the dreams, goals, ideas, and skills of African-American women, which in turn is a long-term investment in this country and it’s financial, racial and gender infrastructures. I’m here for it.