SBA Expands Outreach to Hispanic Businesses with Historic Multi-State Alliance with Prospera

News provided by

Feb 28, 2023, 18:23 ET

ORLANDO, Fla., Feb. 28, 2023 /PRNewswire/ -- The U.S. Small Business Administration (SBA) is committed to helping small businesses, especially those in underserved markets. SBA's North Florida District Office, along with the Georgia District Office and North Carolina District Office, entered a first-of-its-kind multi-state Strategic Alliance Memorandum with Prospera to help bring resources to Hispanic-owned businesses in the Southeast U.S. Prospera is an economic development, nonprofit organization headquartered in Orlando and specialized in providing bilingual assistance to Hispanic entrepreneurs trying to start, sustain, or grow their business.

"In FY22, over $506 million in SBA loans went to Hispanic businesses in Florida, and we intend to grow that number. This year, SBA's top focus is helping small businesses overcome the capital challenge, especially startups and small, disadvantaged businesses. Working with organizations like Prospera is one of the ways we intend to do that. This strategic alliance will bring SBA's most valuable small business resources into reach for many entrepreneurs and furthers the Biden-Harris Administration's commitment to build equity and opportunity in Hispanic communities," stated Allen Thomas, SBA Region IV Administrator.

The North Florida District has worked with Prospera since 2014 to provide counseling and technical assistance for bilingual business owners. In part as a result of the Alliance, Prospera has assisted Hispanic business owners in the process of applying for over $70 million in SBA-backed loans.

The newly signed multi-state Strategic Alliance Memorandum (SAM) will increase the participation of Prospera's clients with special emphasis on Women-Owned, Minority, Hispanic, and Veteran-Owned businesses in the SBA's capital-access, procurement, international trade, women's business, and advocacy programs.

Jonel Hein, SBA North Florida District Director stated, "Hispanic businesses contribute to their communities, they hire from their neighborhoods, and they pay into their local tax base; but significant opportunity gaps persist due to underinvestment. We hope partnerships like this will continue to help lessen the gap and increase opportunities for our Hispanic business owners in our district, and across the region."

"The U.S. Small Business Administration has been an important partner to Prospera in helping us strengthen and grow Hispanic-owned small businesses," said Prospera President and CEO Augusto Sanabria. "As we continue to grow, we are grateful to renew our partnership with the SBA and extend its reach across the three states we currently serve – Florida, Georgia, and North Carolina. We look forward to facilitating collaborations in our various offices to help our small business owner clients access capital, procurement, and advocacy opportunities through the SBA."

About Prospera
Prospera is an economic development, nonprofit organization that has specialized since 1991 in providing bilingual assistance to Hispanic entrepreneurs who want to start, sustain, and grow their business. In the last five years alone, Prospera facilitated over $70 million in loans for small business clients, trained 17,300 entrepreneurs, and helped consulting clients create or retain more than 16,000 jobs. Prospera currently serves Florida, North Carolina, and Georgia. For more information, visit www.prosperausa.org.

About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Media Contacts:
Maria Yabrudy, 407-412-3303, [email protected]
Nayana Sen, 904-443-1933, [email protected]

SOURCE Prospera