The Small Business Administration says it is removing “historic barriers” to access to credit.

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The small business administration is transforming lending programs so that small businesses owned by women and people of color can better access them, small business administrator Isabel Casillas Guzmán said at an Axios event on Tuesday.

Why is it important: Guzman said there are “historical obstacles that are unacceptable if we are going to rebuild and rebuild.” Pandemic struck minority-owned businesses especially hard.

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  1. “We know that entrepreneurship among women and people of color is really high, especially among women of color at this juncture, and so we really want to make sure we don’t limit their growth potential because our country’s economic recovery depends on their access to opportunities, “Guzman said.

What to watch: “Across the board, the SBA is really re-orienting ourselves on how we can better create hotspots for our investment programs, as well as market access and our contracting programs,” she said.

  • “President Biden recently announced that he hopes to expand the target from 5% to 15% for low-income businesses entering the federal market,” she added. “This is such a huge opportunity and the SBA wants to be here to make sure these businesses are in a position to grow as well as the US employment plan.”

  • Guzman also noted that the new restaurant restoration fund prioritizes requests from minority-owned businesses and has allocated $ 27.4 billion so far (although the program was recently suspended due to legal action).

Watch the full event here.

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