Good morning,
Isabel Guzman has led the Small Business Administration since March--and her plans for the federal agency are becoming increasingly clear.
"Everything's on the table," Guzman tells Inc. in a recent one-on-one interview. "For our economy to recover," she adds, "we have to transform our programs and services to really meet these businesses where they are at." The pandemic, she says, laid bare fissures in its small-business resource and financing continuum. In a typical year, the SBA supports a portfolio of $40 billion in loans. Since the onset of Covid-19, that figure has jumped to more than $1 trillion in loans and grants.
The pandemic also revealed inequities and inefficiencies in the SBA’s programming. The smallest businesses and those founded by owners less familiar with banking--say, immigrant founders or those located in economically disadvantaged communities--were generally overlooked because they tend to need the most handholding. That, Guzman says, is backward--and a top priority to fix.
Read our story to learn the changes you’re likely to see under Guzman’s SBA leadership, including more lenders, easier terms, and fewer hurdles for small businesses. |
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