bake - Special Report - May 2023 - 34
ENGINE
OF THE ECONOMY
BY JOHN UNREIN
Small businesses such as retail
bakeries are the lifeblood of the
economy. Fortunately, help is on
the way.
The U. S . Sma l l Bus i ness
Administration has finalized two
rules to address persistent gaps in
access to capital impacting small
business owners in underserved
communities as part of the BidenHarris
Administration's effort to
grow the economy from the middle
out and bottom-up, not top-down.
The final rules grant permanence
to SBA's program for nonprofit
mission lenders, remove outdated
limits on non-depository lender
participation, increase opportunities
for employee ownership, and
modernize the credit criteria and
underwriting standards to further
incentivize a wider distribution
network and small-dollar loans.
Small businesses are the engine
of the economy. That's why, since
day one, President Biden's Investing
in America agenda has laid the
groundwork and paved the way for
historic economic progress - over
12 million jobs created and a small
business boom of 10.5 million new
business applications. At the same
time, decades-long challenges for
small business owners, particularly
those in underserved communities,
34
persist. In 2022, two out of three
business owners who sought credit
did not receive what they needed.
The number of lenders that originated
SBA's 7(a) loans under
$50,000 and $150,000 decreased
by over 40% and 25%, respectively,
for the past five to seven years.
" Modernizing and expanding
SBA's lending programs will open
new opportunities to our highly
entrepreneurial, yet underserved
communities that have far too long
been denied access to the funding
they need to create jobs and grow
our economy, " said U.S. Small
Business Administrator Isabella
Casillas Guzman. " Equity has been
a top priority of the Biden-Harris
Administration since day one as
our economy needs all of our great
ideas and talented entrepreneurs.
These rule changes demonstrate
that commitment by providing
government-guaranteed lenders
with all the tools they need to close
the gaps that still exist for small
businesses who need capital. "
President Biden's economic
agenda has focused on helping
small businesses start up and grow.
To seize these opportunities, entrepreneurs
need capital options that
enable them to start and scale businesses;
yet too many entrepreneurs
cannot obtain affordable loans,
including rural small businesses
affected by over 1,600 banking
deserts in America, minority-owned
businesses that are persistently less
likely to receive credit, and very
small businesses seeking smalldollar
loans. SBA's final rules, when
enacted, will help these new entrepreneurs
grow their businesses by:
Addressing capital access market
Bake Magazine Digital Special Report 2 | Volume 4 | bakemag.com
JOHN UNREIN
http://www.bakemag.com
bake - Special Report - May 2023
Table of Contents for the Digital Edition of bake - Special Report - May 2023
bake - Special Report - May 2023 - Intro
bake - Special Report - May 2023 - 1
bake - Special Report - May 2023 - 2
bake - Special Report - May 2023 - 3
bake - Special Report - May 2023 - 4
bake - Special Report - May 2023 - 5
bake - Special Report - May 2023 - 6
bake - Special Report - May 2023 - 7
bake - Special Report - May 2023 - 8
bake - Special Report - May 2023 - 9
bake - Special Report - May 2023 - 10
bake - Special Report - May 2023 - 11
bake - Special Report - May 2023 - 12
bake - Special Report - May 2023 - 13
bake - Special Report - May 2023 - 14
bake - Special Report - May 2023 - 15
bake - Special Report - May 2023 - 16
bake - Special Report - May 2023 - 17
bake - Special Report - May 2023 - 18
bake - Special Report - May 2023 - 19
bake - Special Report - May 2023 - 20
bake - Special Report - May 2023 - 21
bake - Special Report - May 2023 - 22
bake - Special Report - May 2023 - 23
bake - Special Report - May 2023 - 24
bake - Special Report - May 2023 - 25
bake - Special Report - May 2023 - 26
bake - Special Report - May 2023 - 27
bake - Special Report - May 2023 - 28
bake - Special Report - May 2023 - 29
bake - Special Report - May 2023 - 30
bake - Special Report - May 2023 - 31
bake - Special Report - May 2023 - 32
bake - Special Report - May 2023 - 33
bake - Special Report - May 2023 - 34
bake - Special Report - May 2023 - 35
bake - Special Report - May 2023 - 36
bake - Special Report - May 2023 - 37
bake - Special Report - May 2023 - 38
bake - Special Report - May 2023 - 39
bake - Special Report - May 2023 - 40
bake - Special Report - May 2023 - 41
bake - Special Report - May 2023 - 42
https://digital.bakemag.com/sosland/bake/bake-september-october-2024
https://digital.bakemag.com/sosland/bake/bake-july-aug-2024
https://digital.bakemag.com/sosland/bake/bake-redbook-2024
https://digital.bakemag.com/sosland/bake/bake-may-june-2024
https://digital.bakemag.com/sosland/bake/bake-special-report-may-2024
https://digital.bakemag.com/sosland/bake/bake-march-april-2024
https://digital.bakemag.com/sosland/bake/bake-january-february-2024
https://digital.bakemag.com/sosland/bake/bake-special-report-november-2023
https://www.nxtbook.com/sosland/bake/bake-november-december-2023
https://digital.bakemag.com/sosland/bake/bake-september-october-2023
https://digital.bakemag.com/sosland/bake/bake-july-august-2023
https://digital.bakemag.com/sosland/bake/bake-special-report-july-2023
https://digital.bakemag.com/sosland/bake/bake-redbook-2023
https://digital.bakemag.com/sosland/bake/bake-special-report-may-2023
https://digital.bakemag.com/sosland/bake/bake-may-june-2023
https://digital.bakemag.com/sosland/bake/bake-march-april-2023
https://digital.bakemag.com/sosland/bake/bake-special-report-january-2023
https://digital.bakemag.com/sosland/bake/bake-january-february-2023
https://digital.bakemag.com/sosland/bake/bake-november-december-2022
https://digital.bakemag.com/sosland/bake/bake-special-report-november-2022
https://digital.bakemag.com/sosland/bake/bake-september-october-2022
https://digital.bakemag.com/sosland/bake/bake-special-report-july-2022
https://digital.bakemag.com/sosland/bake/bake-july-aug-2022
https://digital.bakemag.com/sosland/bake/bake-redbook-2022
https://digital.bakemag.com/sosland/bake/bake-special-report-may-2022
https://digital.bakemag.com/sosland/bake/bake-may-june-2022
https://digital.bakemag.com/sosland/bake/bake-march-april-2022
https://digital.bakemag.com/sosland/bake/bake-january-february-2022
https://digital.bakemag.com/sosland/bake/bake-special-report-january-2022
https://digital.bakemag.com/sosland/bake/bake-november-december-2021
https://digital.bakemag.com/sosland/bake/bake-special-report-november-2021
https://digital.bakemag.com/sosland/bake/bake-september-october-2021
https://digital.bakemag.com/sosland/bake/bake-july-august-2021
https://digital.bakemag.com/sosland/bake/bake-redbook-2021
https://digital.bakemag.com/sosland/bake/bake-july-2021
https://digital.bakemag.com/sosland/bake/bake-may-june-2021
https://digital.bakemag.com/sosland/bake/bake-special-report-may-june-2021
https://digital.bakemag.com/sosland/bake/bake-march-april-2021
https://digital.bakemag.com/sosland/bake/bake-january-february-2021
https://digital.bakemag.com/sosland/bake/2021_01_01
https://digital.bakemag.com/sosland/bake/2020_12_01
https://digital.bakemag.com/sosland/bake/2020_11_01
https://digital.bakemag.com/sosland/bake/2020_09_01
https://digital.bakemag.com/sosland/bake/2020_08_01
https://digital.bakemag.com/sosland/bake/2020_07_02
https://digital.bakemag.com/sosland/bake/2020_07_01
https://digital.bakemag.com/sosland/bake/2020_06_01
https://digital.bakemag.com/sosland/bake/2020_05_01
https://digital.bakemag.com/sosland/bake/2020_04_01
https://digital.bakemag.com/sosland/bake/2020_02_01
https://digital.bakemag.com/sosland/bake/2020_01_01
https://digital.bakemag.com/sosland/bake/2019_12_01
https://digital.bakemag.com/sosland/bake/2019_11_01
https://digital.bakemag.com/sosland/bake/2019_10_01
https://digital.bakemag.com/sosland/bake/2019_09_01
https://digital.bakemag.com/sosland/bake/2019_08_01
https://digital.bakemag.com/sosland/bake/2019_07_01
https://digital.bakemag.com/sosland/bake/2019_06_01
https://digital.bakemag.com/sosland/bake/2019_05_01
https://digital.bakemag.com/sosland/bake/2019_04_01
http://digital.bakemag.com/sosland/bake/2018_07_02
https://digital.bakemag.com/sosland/bake/2019_03_01
https://digital.bakemag.com/sosland/bake/2019_02_01
https://digital.bakemag.com/sosland/bake/2019_01_01
http://digital.bakemag.com/sosland/bake/2018_12_01
http://digital.bakemag.com/sosland/bake/2018_11_01
http://digital.bakemag.com/sosland/bake/2018_10_01
http://digital.bakemag.com/sosland/bake/2018_09_01
http://digital.bakemag.com/sosland/bake/2018_08_01
http://digital.bakemag.com/sosland/bake/2018_07_01
http://digital.bakemag.com/sosland/bake/2018_06_01
http://digital.bakemag.com/sosland/bake/2018_05_01
http://digital.bakemag.com/sosland/bake/2018_04_01
http://digital.bakemag.com/sosland/bake/2018_03_01
http://digital.bakemag.com/sosland/bake/2018_02_01
http://digital.bakemag.com/sosland/bake/2018_01_01
http://digital.bakemag.com/sosland/bake/2017_12_01
http://digital.bakemag.com/sosland/bake/2017_11_01
http://digital.bakemag.com/sosland/bake/2017_10_01
http://digital.bakemag.com/sosland/bake/2017_09_01
http://digital.bakemag.com/sosland/bake/2017_08_01
http://digital.bakemag.com/sosland/bake/2017_07_01
http://digital.bakemag.com/sosland/bake/2017_06_01
http://digital.bakemag.com/sosland/bake/2017_05_01
http://digital.bakemag.com/sosland/bake/2017_04_01
http://digital.bakemag.com/sosland/bake/2017_03_01
http://digital.bakemag.com/sosland/bake/2017_02_01
http://digital.bakemag.com/sosland/bake/2017_01_01
http://digital.bakemag.com/sosland/bake/2016_12_01
http://digital.bakemag.com/sosland/bake/2016_11_01
http://digital.bakemag.com/sosland/bake/2016_10_01
http://digital.bakemag.com/sosland/bake/2016_09_01
http://digital.bakemag.com/sosland/bake/2016_08_01
http://digital.bakemag.com/sosland/bake/2016_07_01
http://digital.bakemag.com/sosland/bake/2016_06_01
http://digital.bakemag.com/sosland/bake/2016_05_01
http://digital.bakemag.com/sosland/bake/2016_04_01
http://digital.bakemag.com/sosland/bake/2016_03_01
http://digital.bakemag.com/sosland/bake/2016_02_01
http://digital.bakemag.com/sosland/bake/2016_01_01
http://digital.bakemag.com/sosland/bake/2015_12_01
http://digital.bakemag.com/sosland/bake/2015_10_01
http://digital.bakemag.com/sosland/bake/2015_09_01
http://digital.bakemag.com/sosland/bake/2015_08_01
http://digital.bakemag.com/sosland/bake/2015_07_01
http://digital.bakemag.com/sosland/bake/2015_06_01
http://digital.bakemag.com/sosland/bake/2015_05_01
https://www.nxtbook.com/sosland/bake/2015_04_01
http://digital.bakemag.com/sosland/bake/2015_03_01
https://www.nxtbook.com/sosland/bake/2015_02_01
https://www.nxtbook.com/sosland/bake/2015_01_01
https://www.nxtbook.com/sosland/bake/2014_12_01
https://www.nxtbook.com/sosland/bake/2014_10_01
https://www.nxtbook.com/sosland/bake/2014_09_01
https://www.nxtbook.com/sosland/bake/2014_08_01
https://www.nxtbook.com/sosland/bake/2014_07_01
https://www.nxtbook.com/sosland/bake/2014_06_01
https://www.nxtbook.com/sosland/bake/2014_05_01
https://www.nxtbook.com/sosland/bake/2014_04_01
https://www.nxtbook.com/sosland/bake/2014_03_01
https://www.nxtbook.com/sosland/bake/2014_02_01
https://www.nxtbook.com/sosland/bake/2014_01_01
https://www.nxtbook.com/sosland/bake/2013_11_01
https://www.nxtbook.com/sosland/bake/2013_11_02
https://www.nxtbook.com/sosland/bake/2013_10_01
https://www.nxtbook.com/sosland/bake/2013_09_01
https://www.nxtbook.com/sosland/bake/2013_08_01
https://www.nxtbook.com/sosland/bake/2013_07_01
http://digital.bakemag.com/sosland/bake/2013_06_01
https://www.nxtbook.com/sosland/bake/2013_05_01
https://www.nxtbook.com/sosland/bake/2013_04_01
https://www.nxtbook.com/sosland/bake/2013_03_01
https://www.nxtbook.com/sosland/bake/2013_02_01
https://www.nxtbook.com/sosland/bake/2013_01_01
https://www.nxtbook.com/sosland/bake/2012_11_01
https://www.nxtbook.com/sosland/bake/2012_10_01
https://www.nxtbook.com/sosland/bake/2012_09_01
https://www.nxtbook.com/sosland/bake/2012_08_01
https://www.nxtbook.com/sosland/bake/2012_07_01
https://www.nxtbook.com/sosland/bake/2012_06_01
https://www.nxtbook.com/sosland/bake/2012_05_01
https://www.nxtbook.com/sosland/bake/2012_04_01
https://www.nxtbook.com/sosland/bake/2012_03_01
https://www.nxtbook.com/sosland/bake/2012_02_01
https://www.nxtbook.com/sosland/bake/2012_01_01
https://www.nxtbookmedia.com