(BPRW) International President Hon. Chris V. Rey Leads Landmark Collaboration Between U.S. Small Business Administration and Historically Black Fraternities and Sororities to Address the Wealth Gap

The First of its Kind Agreement Will Focus on Improving Financial Literacy, Outreach and Capital Access Opportunities Across Communities

(Black PR Wire) WASHINGTON – Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, signed a Strategic Alliance Memorandum (SAM)–an authority unique to the SBA among federal agencies–with President Reuben A. Shelton III, Esq., on behalf of the National Pan-Hellenic Council (NPHC)’s Council of Presidents, comprised of nine historically Black fraternities and sororities, sometimes referred to as the “Divine Nine.”

“This historic alliance between the SBA and the NPHC—the first of its kind for a government agency—will bring SBA’s valuable small business resources into reach for many small businesses and entrepreneurs, furthering the Biden-Harris Administration’s commitment to build equity and close historic wealth gaps that have held back America’s Black entrepreneurs, small business owners and their families and communities for generations,” said Administrator Guzman. “Over the past 18 months, the SBA has made incredible progress reaching more of America’s small businesses, delivering vital resources and support to entrepreneurs who have been historically underinvested in and overlooked—the same people and communities hit hardest by the COVID pandemic. Working alongside partners and allies within the Divine Nine will provide even greater reach for the SBA to better provide the highly entrepreneurial Black community access to networks, financial literacy, technical training, and capital readiness so they can successfully realize their American Dreams of business ownership, create jobs, and advance our economy.”

Announced in the leadup to Juneteenth, this new strategic alliance advances the SBA’s implementation of the Biden-Harris Administration’s commitment to building equity throughout the federal government and across America. Chris V. Rey, International President of Phi Beta Sigma Fraternity, Inc. relishes in his brainchild effort. “Under the new alliance, a unique agreement for a federal government agency and the Divine Nine, the partnership will focus on increasing financial literacy within traditionally underserved, disadvantaged communities, expanding the Agency’s outreach, and introducing Black entrepreneurs to the SBA’s suite of tools and resources to start and grow their businesses including access to capital, government contracting opportunities and counseling.”

Reuben A. Shelton III, Esq., Chairman of the Council of Presidents of the National Pan-Hellenic Council: “The National Pan Hellenic Council and its affiliate organizations are very excited about this opportunity with the U.S. Small Business Administration. This collaboration will give NPHC members critical access to information that will promote small business growth and create jobs in all sectors of our economy.”

The SBA Has Deepened its Engagement and Support of African American, Black and Historically Disadvantaged Small Business Owners.

In line with the Biden-Harris Administration’s agenda outlined in the recently released SBA Equity Action Plan, the SBA has instituted several major changes to level the playing field for all small businesses, including making impactful reforms to the Community Advantage (CA) Pilot loan program that prioritizes equitable access to capital for low-income borrowers and those from underserved communities, releasing disaggregated data across industries and sectors by race and ethnicity and helping to deliver contracting reforms to bring in new, diverse contractors, and launching the American Rescue Plan’s $100 million Community Navigators program.

SBA remains committed to increasing capital for small businesses, including those in underserved communities. This means ensuring entrepreneurs have access to capital, standard and disaster lending programs, and PPP direct forgiveness as well as assistance in  growing their revenues by getting their products online or into global markets and accessing federal contracting opportunities, often by connecting them to one of the Agency’s newly launched Community Navigators, hundreds of Field Offices, or thousands of Resource Partners – including Small Business Development Centers, Women’s Business Centers, SCORE chapters, and Veterans Business Ownership Centers – for mentoring, training, and assistance in navigating government resources.

For additional information on SBA funding opportunities, please visit www.sba.gov/funding-programs.