SBA head disputes claims that businesses were unfairly shut out of EIDL
Media Outlet
Jeff Blumenthal
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When Guzman visited Philadelphia last summer, she met with officials from The Enterprise Center in West Philadelphia. Since that time, The Enterprise Center launched a Small Business Investment Company (SBIC) that will provide growth equity capital to local “standout” minority- and women-owned businesses in the Philadelphia region. An SBIC is a privately owned and operated company that makes long-term investments in small businesses and is licensed by the SBA. The Enterprise Center becomes the first Minority Business Development Agency (MBDA) in the country to have both a Community Development Financial Institution (CDFI) and an SBIC under one roof.
Guzman said there was a business boom last year with 5.4 million new business applications in addition to 33 million existing ones.
“The SBIC program is really vital in that respect for growth-oriented firms,” Guzman said. “And we're very focused on making sure that there's early-stage venture capital for those young firms, that we need to be very productive and survive, especially in this economy. So we're very excited that the focus on equity and inclusion can make a difference and invest in markets where there's great opportunities for growth.”
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