SBA Administrator and House Small Business Committee Chair Meet with Cincinnati's Small Business Community to Discuss Innovation and Capital
CINCINNATI, Feb. 10, 2015 /PRNewswire-USNewswire/ -- On Monday, Administrator Maria Contreras-Sweet, the head of the U.S. Small Business Administration (SBA) joined Congressman Steve Chabot (OH-1), Chairman of the House Small Business Committee to discuss how the SBA is helping Cincinnati's entrepreneurs in innovation and access to capital. They began the day with officials from the Credit Union National Association (CUNA) announcing a new partnership between the SBA and CUNA to get more capital to small business owners.
"The SBA and CUNA are formalizing a national partnership to promote small business lending. Credit unions have helped their members finance their homes, their cars, and their children's education," says Contreras-Sweet. "Credit unions have stepped up and stepped in to fill a real need, adding outlets for SBA loans in communities that need our assistance the most. SBA's partnership with CUNA will make credit unions even more valuable as we work to give credit where it's due to small business across Cincinnati and the nation."
The goals of the partnership between the SBA and credit unions are to increase the availability of small dollar loans by increasing the outlets entrepreneurs can access SBA products in their neighborhoods. Second, it will help small business owners get capital for investments into their new or existing business they may have otherwise put on a high-interest credit card or a personal credit line. Third, it will make the small dollar loans more accessible to underserved communities, including women and minorities. In partnership with the NCUA and trade associations, we will be training credit unions on how to use SBA products to service their customers.
Contreras-Sweet and Chabot toured several SBA-assisted small businesses in the Over-the-Rhine neighborhood including Taste of Belgium (a Belgium-inspired eatery that received two SBA Microloans); Mortar (a start-up incubator that received SBA counseling assistance) which currently focuses on elevating underserved communities through entrepreneurship, and also now helps connect entrepreneurs with SBA resource partners such as SCORE; and Pet Wants (a high quality pet food store that received SBA 504 financing). Contreras-Sweet and Chabot's last stop included a visit to the Brandery— a seed stage startup accelerator that leverages the expertise of the Cincinnati region, namely branding, marketing and design. The Brandery received a growth accelerator award in September in a first of its kind SBA competition.
Contreras-Sweet and Chabot hosted a roundtable with local business owners and provided tips on how Cincinnati small business owners can empower and propel their small business through local SBA services.
Since being appointed as a member of President Barack Obama's Cabinet in 2014, Contreras-Sweet has led the agency that advocates and guides our nation's entrepreneurs. She has made it a priority to meet with small business owners all over the country, to hear about their experiences, challenges, and successes.
Release Number: 15-09
Contact: Miguel Ayala (202) 205-6420
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SOURCE U.S. Small Business Administration
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