Today the U.S. Small Business Administration announced a landmark collaboration with Historically Black Fraternities and Sororities to address the wealth gap through Black entrepreneurship.

Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) signed a Strategic Alliance Memorandum (SAM) with Chairman of the Council of Presidents of the National Pan-Hellenic Council and Grand Polemarch of Kappa Alpha Psi Fraternity, Inc. 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.

According to the press release, “Under the new alliance, a unique agreement for a federal government agency, 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.”

“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,” Reuben A. Shelton III, Esq. stated

“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.”