Bidens Parting Gift to Small Business: Bigger SBA Loans and More Federal Contracts [Video]

Ahead of Small Business Saturday, the Biden-Harris Administration announced several new initiatives on Friday, November 29, to support small businesses by expanding access to federal lending and contracting opportunities. These actions are part of ongoing efforts to drive economic growth and equity by fostering small business development in underserved communities.

1. Increasing Loan Limits for Underserved Businesses:The Small Business Administration (SBA) is raising the cap on 7(a) Small Loans for Community Advantage Small Business Lending Companies (CA SBLCs) from $350,000 to $500,000. These mission-driven lenders often serve businesses owned by women, people of color, veterans, and those in low-income or rural areas.
2. Strengthening Federal Contracting Opportunities:The Office of Management and Budget (OMB) is issuing new procurement guidance to improve forecasting of federal contract opportunities. This guidance aims to help small businesses prepare competitive proposals and secure contracts.
3. Promoting Small Disadvantaged Businesses (SDBs):The OMB will increase the federal supplier base by growing the share of small disadvantaged businesses owned by minorities and women, adding …