Administrator Guzman Joins Mayor Bass in Los Angeles to Highlight Local Small Businesses, Announce Increased SBA Lending to California Entrepreneurs

SBA Administrator Guzman Highlighted Historic Surge in Small Business Financing

On Thursday, Oct. 24, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA)?and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, traveled to Los Angeles to join Los Angeles Mayor Karen Bass and County Supervisor Hilda Solis for visits to local small businesses highlighting the SBA’s increase in lending to underserved entrepreneurs under the Biden-Harris Administration.

In the morning, Administrator Guzman met with Ndidi Duruhesie, owner of the Royal Learning Center, a local Black-owned daycare center, to highlight how the SBA has stepped in to support childcare providers as America grapples with the childcare shortage. Ms. Duruhesie utilized SBA programs, like the 7(a) small dollar loan, to expand business and create good-paying jobs in the community.

Later, the Administrator joined Mayor Karen Bass and County Supervisor Hilda Solis for a visit to Barbershop Lopez, a Hispanic-owned business that plays a vital role in the community. During this visit, Administrator Guzman, Mayor Bass, and Supervisor Solis met with the owner, Oscar Lopez, to discuss the impact of SBA’s lending programs on the growth of his small business.

Small businesses like Royal Learning Center and Barbershop Lopez are two examples of the power behind SBA-backed capital access programs. Yesterday, the SBA released a new report announcing a historic surge in small business financing, with $56 billion delivered to small businesses and disaster-impacted communities across the country. The Capital Impact Report for Fiscal Year 2024 highlights the agency’s over 100,000 financings to small businesses, which is the highest since 2008, and the spike in small-dollar lending to Black-, Latino-, and women-owned small businesses. The Biden-Harris Administration understands that small businesses are the backbone of our economy and the fuel behind this historic Small Business Boom.