By Natalia Olson-Urtecho
One of the Small Business Administration’s (SBA) top priorities is to provide access and opportunity to small business owners in traditionally underserved communities. In fact, since 2009 the SBA has supported $13.5 billion in lending to underserved small businesses and $100.3 billion in federal government contracting dollars to small disadvantaged firms.
Locally, the SBA has backed just over $13 million in loans to underserved communities in West Virginia since 2009, while more than $1.2 billion in federal government contracts have been awarded to underserved community firms.
As we see commercial lending improve across the country, we recognize that there’s more work to be done and we know that challenges still exist. That’s why the SBA is working hard to fill the gaps that remain in the marketplace and ensure that small business owners in underserved communities are aware of the assistance available to help them grow their businesses and create jobs.
Minority-owned businesses are some of the fastest growing segments of the economy, with Hispanic-owned small businesses leading all other demographics. Every year, September 15 marks the start of Hispanic Heritage Month in America. At the SBA, we’ve joined forces with the U.S. Hispanic Chamber of Commerce (USHCC) to help support thousands of Hispanic small businesses and entrepreneurs. We will pilot the partnership with eight city and state Hispanic chambers: Austin, TX; El Paso, TX; Nashville, TN; Ohio; Philadelphia, PA, California, Florida and Utah.
Through this collaboration, the SBA and USHCC will work to increase Hispanic-owned small business participation in SBA programs, including:
- Loan programs and access to capital initiatives;
- Government contracting programs like the 8(a) program and the Women-Owned Small Business Program;
- Up-to-date information and access to the SBA’s extensive resource partner network and
- International trade opportunities to achieve the goals of the President’s National Export Initiative.
In combining our efforts, we will work to increase lending to Hispanic small businesses; increase awareness of SBA programs and services among Hispanic-owned small businesses; increase participation of small Hispanic-owned businesses in the SBA’s procurement programs with a focus on women and veterans and increase trade opportunities for small Hispanic-owned businesses.
As a member of the UHSCC network, this alliance holds great potential. We urge small business owners to take advantage of the benefits of this partnership. The SBA team at the West Virginia District Office stands ready, willing and able to help members emerge from the recession stronger and more competitive than before.
President Obama has said that when small businesses succeed, America succeeds, and the SBA is committed to supporting our nation’s entrepreneurs, including minorities, women, veterans, people with disabilities and those in rural areas. Working together, we can build growing, vibrant communities, get people back to work and ensure that we have a 21st century American economy that’s built to last.
About the Author
Natalia Olson-Urtecho is the regional administrator for the U.S. Small Business Administration. She was previously founder, president and CEO of EG, a company dedicated to helping public and private entities become more profitable through environmentally friendly and socially responsible planning and strategies. Before founding EG, Olson-Urtecho was a transportation and land use planner at the Delaware Valley Regional Planning Commission and was director of global initiatives at H2L2. Olson-Urtecho has more than 15 years of experience working with international, regional and local entities. She was previously appointed to the U.S. Innovation Advisory Board and to the Philadelphia City Planning Commission and Zoning Code Commission. Olson-Urtecho received the Business Journal 2010 Minority Business Leader Award and in 2009 received the Women of Distinction Award for her work toward building a green economy. She has lived in seven countries and speaks Spanish, French and Portuguese. She holds a master’s degree in city and regional planning from the University of Pennsylvania, School of Design, and a bachelor’s degree in political science from Northeastern University. She has been a guest lecturer at the University of Pennsylvania and Temple University.
