Small business lending summit highlights Biden-Harris administration’s record on supporting underserved communities

The White House National Economic Council and the U.S. Small Business Administration hosted a Small Business Lending Summit Tuesday to discuss the administration’s strong record on lending to small businesses, and how the federal government is working with lending partners to close gaps and ensure capital access for all small businesses, especially those that are traditionally underserved or hard to reach. Bringing together many of the largest SBA lending partners, the summit provided an opportunity for lenders to discuss shared priorities for supporting small business growth around the country, and for administration officials to learn about how Biden-Harris administration policies are being implemented on the ground. In addition, SBA announced that they will be creating a Small Business Lending Federal Advisory Committee in the coming months to continue hearing directly from lenders and other stakeholders about how to best meet the capital needs of small businesses, especially in underserved communities. Last year, the SBA provided $50 billion in capital to small businesses nationwide, partnering with lenders to provide a historic $34 billion in small business loans through their signature 7(a) and 504 loan programs. These loans have helped promote inclusive economic growth, with $5 billion going to women-owned businesses, a...