As entrepreneurs across the country reflect on the success of National Small Business Week, DreamSpring highlights the importance of the Small Business Administration (SBA) in creating access to financial opportunity. A cabinet-level agency dedicated to small business success, the SBA serves as the federal government’s collective voice for entrepreneurs. SBA programs span technical assistance, direct lending, and small business support through community lenders like DreamSpring.
Economic inclusion is at the heart of DreamSpring’s mission, and partners like the SBA work to provide tools and support for entrepreneurs, who, in turn, create jobs, vitalize communities, and build vibrancy in the fabric of our nation.
According to the SBA Office of Advocacy, there are more than 29.6 million small businesses operating in the United States, accounting for 99.9 percent of all American businesses. This same office reports that 57.9 million Americans are employed by a small business, accounting for 47.8 percent of the workforce.
Through education and mentorship, access to capital, and advocacy, the SBA works closely with DreamSpring and lenders across the nation to support entrepreneurs.
DreamSpring is a longstanding SBA lender, offering the Community Advantage loan product in multiple states to meet the capital demands of growing small businesses. Built to meet the credit, management, and technical assistance needs of small businesses in underserved markets, the loan allows more entrepreneurs to successfully access capital.
According to SBA Administrator Isabella Guzman, the SBA’s Community Advantage pilot program is intended to “create a broader distribution network, and better ensure the opportunities of our nation’s accelerating recovery are accessible to more entrepreneurs pursuing their American dreams of starting and growing a successful business,”
In addition to the Community Advantage loan product, DreamSpring leveraged the SBA Paycheck Protection Program to provide immediate support to small businesses at risk of permanent closure. “America’s mission-driven lenders have been a critical partner to the SBA in getting much-needed financial relief to underserved businesses throughout the COVID pandemic,” says Administrator Guzman.
The SBA works to support small business owners beyond access to capital. To ensure small business owners have ample access to educational tools, the agency offers informational and technical assistance resources, primarily through the Service Corps of Retired Executives (SCORE) and Small Business Development Centers (SBDC), which are national resource providers situated in communities across the country. Small business owners can seek out mentorship on topics such as business resources, human resources, business planning, or launching a brand-new company. Both SBDCs and SCORE provide virtual and in-person counseling and training, and many tailor programming by industry or business structure.
For entrepreneurs who are just getting started or looking to learn more, the SBA is a trusted resource, working closely with DreamSpring and other lenders to create opportunities for small businesses to thrive.