SBA Reports Progress on Delivering Support to America's Small Businesses
29 Nov, 2021
- The Restaurant Revitalization Fund has supported more than 100,000 restaurants and other food and beverage businesses. Of the $28.6 billion allocated, $18 billion in critical relief aid has been distributed to women-owned ($7.5 billion), veteran-owned ($1 billion), and socially and economically disadvantaged-owned ($6.7 billion) small businesses.
- The Shuttered Venue Operators Grant has awarded grants to nearly 13,000 live venues, theaters, and other entertainment and cultural hubs. Since the inception of the SVOG program, more than 90% of the grants have supported venues with fewer than 50 employees – or the smallest of small businesses – a key priority of this Administration.
- The retooled COVID EIDL Targeted and Supplemental Advance programs have provided almost 500,000 small businesses approximately $6.3 billion in financial relief, focused on supporting those from low-income communities who were especially hard-hit and are still reeling from the pandemic.
- And the Community Navigators Pilot Program has awarded nearly $100 million in funding to 51 organizations that will work with hundreds of local groups to connect small business owners to government resources and help level the playing field for America’s entrepreneurs. The two-year grants were designated in three tiers at $1 million, $2 million and $5 million.
- Improve small businesses’ ability to get their goods quickly into the hands of their customers by upgrading our nation’s transportation infrastructure. The President’s plan invests an additional $621 billion in transportation infrastructure and resilience to help small businesses get their goods to their customers by reducing shipping and logistics delays through upgrading our nation’s rails, roads, bridges, public transportation, ports, airports, and freight rail.
- Help small businesses reach new customers and recruit/hire new employees by providing universal broadband. President Biden’s Bipartisan Infrastructure Law will invest $65 billion in broadband infrastructure, ensuring that every American has access to affordable, reliable high-speed internet and fostering a more robust micro businesses ecosystem.
- Provide opportunities to access billions of dollars' worth of federal, state, and local government contracts, including more than $37 billion through the U.S. Department of Transportation (DOT). President Biden’s Bipartisan Infrastructure Law includes a historic procurement effort designed to support small businesses and tackle long standing inequities in the contracting system. The benefits are long, but chief among them will be opportunities to access billions of dollars' worth of federal, state, and local government contracts for infrastructure and clean energy projects such as manufacturing solar panels, wind farms, batteries, and electric vehicles (EVs) that will grow our energy supply chains and build the national network of charging stations.