The SBA shares resources that LGBTQ+ small-business owners can use to grow their business or recover from hardships during the COVID-19 pandemic.
06/14/2022 10:45 A.M.
3 minute read
The U.S. Small Businesses Administration (SBA) has resources available for the LGBTQ+ Small-Business Community, which includes 1.4 million business owners, as it celebrates Pride Month.
“According to the most recent data from the National Gay & Lesbian Chamber of Commerce (NGLCC), the LGBTQ+ business community includes 1.4 million business owners. And by their projections, the NGLCC estimates that LGBTQ-owned businesses contribute over a trillion dollars to the U.S. economy,” the SBA reports in a news release.
Nearly 80% of LGBTQ+ businesses are expected to make a full recovery from the COVID-19 pandemic in 2022, according to the SBA, and it is focused on bringing economic success and growth to that small-business community.
Here are a few resources from the SBA:
The SBA’s Network for LGBTQ+ Businesses is a strong support system that seeks to unlock the great potential of the LGBTQ+ small-business community. The SBA constantly conducts outreach to be more inclusive of LGBTQ+ business owners, and encourages greater inclusion at all levels and in all communities. Additionally, a plethora of SBA services and resources are available to LGBTQ+ entrepreneurs. It all starts with SBA district offices, many of which have a strategic alliance with the LGBTQ+ community. A quick search can help you find the one nearest to you.
LGBTQ-Owned Small Business Certification
If you are interested in certifying your LGBTQ-owned business, the NGLCC can help. Their certification program gives companies access to hundreds of corporate contacts, which can lead to strategic relationships and opportunities at NGLCC networking events across the country. Certified businesses are often in high demand by NGLCC Corporate Partners seeking to increase their spend with the LGBTQ+ business community. Plus, certification opens the door for scholarship programs, mentorship and training opportunities, and other business development tools after one year.
Local Assistance
Did you know that the SBA and its Resource Partners offer free or low-cost counseling and training to entrepreneurs across the country? Through Small Business Development Centers, the SBA provides individualized entrepreneurial services that address unique needs. Through SCORE, small business owners can connect with business mentors in their area. Veterans Business Outreach Centers, Women’s Business Centers, and Community Navigators are also standing by to give small business owners the tools they need to succeed.
SBA-Guaranteed Loans
Underserved and underrepresented entrepreneurs have historically faced barriers in accessing the funds they need to start or grow their business. In recognition of this, the SBA has established SBA-backed loans that reduce risk and make it possible for business owners to match with approved lenders. Use Lender Match to find an SBA-backed loan today.
Financial Wellness Webinar
Join the SBA on June 30, 2022, for a webinar to celebrate Pride Month. The webinar will feature a live panel discussion with Larry Webb, district director, SBA Washington Metropolitan Area District Office; Justin Nelson, co-founder and president, National LGBT Chamber of Commerce; and small-business owner Rachel Kalenberg of Pizza Carrello from Gillette, Wyoming.
The discussion will focus on financial wellness and the importance of equity and opportunity to help uplift and support LGBTQI+-owned small businesses. The panel will also discuss SBA initiatives and resources that support small business recovery, LGBTQI+ startups seeking to launch, and help for existing LGBTQI+-owned small businesses as they pivot and grow in a post-COVID world.
Register for the webinar here.
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