{"id":49076,"date":"2023-11-27T16:46:59","date_gmt":"2023-11-27T21:46:59","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=49076"},"modified":"2023-11-27T16:48:29","modified_gmt":"2023-11-27T21:48:29","slug":"new-actions-from-the-white-house-aim-to-help-small-businesses","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/new-actions-from-the-white-house-aim-to-help-small-businesses\/","title":{"rendered":"New Actions from the White House Aim to Help Small Businesses"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_single_image image=&#8221;49077&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<a href=\"https:\/\/en.wikipedia.org\/wiki\/Small_Business_Saturday\">Small Business Saturday<\/a> might be over for 2023, but the Biden Administration is hoping to keep the momentum going\u2014outlining new initiatives that aim to increase support for small businesses across the country. The administration has made huge investments in small businesses under what Biden himself refers to as \u201c<a href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_policy_of_the_Joe_Biden_administration\">Bidenomics<\/a>\u201d; this economic philosophy involves growing the economy from the middle out and bottom up, rather than top-down. The <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/11\/21\/fact-sheet-ahead-of-small-business-saturday-biden-harris-administration-announces-latest-steps-to-support-small-businesses\/\" class=\"broken_link\">White House website<\/a> even notes that \u201cunder President Biden, Americans have filed a record 14.6 million applications to start businesses \u2013 a sign that the historic investment in small businesses is driving confidence and optimism from entrepreneurs, and generating more resilient and competitive markets.\u201d From 2019\u20142022, the share of family-owned businesses went up by 9 percent. Today, we\u2019ll lay out the new actions that were recently announced.<\/p>\n<ul>\n<li><strong>$50 million investment in small businesses from American Rescue Plan funds<\/strong>. The U.S. Department of the Treasury \u201cannounced the approval of 20 additional state awards under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, totaling more than $50.8 million.\u00a0These awards will be used to provide legal, accounting, and financial advisory services to eligible small businesses applying for the SSBCI capital program and other government small business programs,\u201d according to a press release on the <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1923\">Treasury\u2019s website<\/a>. These funds were designed to help over 10,000 small businesses owned by people in underserved communities.<\/li>\n<\/ul>\n<ul>\n<li><strong>Small Business Administration (SBA) and the Department of Agriculture (USDA) partner even more closely to invest in rural small businesses. <\/strong>Via a <a href=\"https:\/\/www.rd.usda.gov\/media\/20264\/download\">memorandum of understanding<\/a>, the <a href=\"https:\/\/www.usda.gov\/media\/press-releases\/2023\/11\/20\/usda-and-us-small-business-administration-strengthen-partnership\">USDA and SBA<\/a> are \u201ccommitting to increase investments in small and underserved communities to help grow the rural economy and create good-paying jobs for people nationwide.\u201d The agencies can now work together to offer joint trainings, technical assistance, and mentorship opportunities for rural SMBs and entrepreneurs; help agricultural producers determine how to export their products; and more.<\/li>\n<\/ul>\n<p>In addition, <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/11\/21\/fact-sheet-ahead-of-small-business-saturday-biden-harris-administration-announces-latest-steps-to-support-small-businesses\/\" class=\"broken_link\">it was announced<\/a> that the Small Business Administration \u201cdelivered $50 billion to small businesses in Fiscal Year 2023, with major increases in support for underserved businesses, including minority-owned businesses.\u201d Minority lending has increased from 23 percent to over 32 percent, while lending to women-owned businesses has increased a staggering 70 percent since 2020. And when it comes to Veteran-owned small businesses? Those loans are up by one-third in the last 3 years.<\/p>\n<p>Check out the <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/11\/21\/fact-sheet-ahead-of-small-business-saturday-biden-harris-administration-announces-latest-steps-to-support-small-businesses\/\" class=\"broken_link\">White House press release<\/a> for even more details on how the Biden administration is supporting small businesses.<\/p>\n<p>From dentists and hair salons to grocery stores and restaurants, <a href=\"https:\/\/www.arffinancial.com\/development\/?urlsource=blog\">ARF Financial<\/a> has helped thousands of businesses across the country secure the financing necessary for long-term success. Our seasoned loan consultants are committed to offering the ideal financial products, and we\u2019ll even customize them to fit your individual circumstances. So whether it\u2019s a <a href=\"https:\/\/www.arffinancial.com\/development\/loans-by-product\/revolving-line-of-credit\/?urlsource=blog\">line of credit<\/a> or a <a href=\"https:\/\/www.arffinancial.com\/development\/loans-by-product\/bridge-loans\/?urlsource=blog\">bridge loan<\/a>, let our team help guide you toward the perfect product for your needs.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;49077&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Small Business Saturday might be over for&#8230;<\/p>\n","protected":false},"author":5,"featured_media":49077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[698],"tags":[398,402,400,399,443,386,535,220,213,944,1153,943,1107,401,224,222,172,226,142],"class_list":{"0":"post-49076","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-small-business-financing","8":"tag-affordable-business-loans","9":"tag-affordable-small-business-growth","10":"tag-business-expansion","11":"tag-business-growth","12":"tag-business-line-of-credit","13":"tag-business-loans","14":"tag-equipment-leasing","15":"tag-flex-pay-loans","16":"tag-line-of-credit","17":"tag-marketing","18":"tag-new-actions-from-the-white-house-aim-to-help-small-businesses","19":"tag-operations","20":"tag-profile-photo","21":"tag-small-business-expansion","22":"tag-small-business-financing","23":"tag-small-business-funding","24":"tag-small-business-growth","25":"tag-small-business-loans","26":"tag-working-capital"},"acf":[],"yoast_head":"<!-- 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