SBA New England Regional Office

Around SBA New England in June

Mike Vlacich Regional Administrator New England Regional Office U.S. Small Business Administration   On June 1, 2022 SBA Administrator Isabella Casillas Guzman visited New England making stops in Connecticut and Massachusetts to highlight benefits of the Infrastructure Investment and Jobs Act and Covid-Relief funding.

Administrator Guzman, U.S. Representative Joe Courtney, SBA Connecticut District Director Catherine Marx and I had the opportunity to meet with small business contractors working at the Windham Bridge construction site in Willimantic, Connecticut. This project was funded by President Biden’s Infrastructure Investment and Jobs Act (IIJA). All twelve of the subcontractors involved in the project have received SBA assistance.

Image at Windham Bridge site

We also toured two local family-owned businesses. Mackey’s and Design Center East were able to weather the COVID-19 pandemic with help from SBA’s relief programs. 

Top: Image at Mackey’s. Bottom: Design Center East

Later in the day, we were joined by  Rep. Lori Trahan joined and Massachusetts District Director Bob Nelson for a visit to the Lowell Auditorium, to celebrate the resurgence of vital cultural entities kept afloat during the pandemic thanks to the SBA’s Shuttered Venue Operators Grant (SVOG), a grant program funded in part by President Biden’s American Rescue Plan.

At the Lowell Memorial Auditorium

While at the auditorium, we held a roundtable highlighting the impact of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These are highly competitive programs that encourage domestic small businesses to engage in federal research and development with the potential for commercialization. Massachusetts is home to small businesses and universities that have made significant technological contributions to our national security, public health, environment, and clean energy economy while creating great jobs and economic opportunities through the SBIR and STTR programs. 

SBIR STTR Roundtable at Lowell Memorial Auditorium

Last week, I had the chance to meet with Administrator Guzman again in Houston, Texas with senior leadership from across the country. This was a great opportunity to meet with the other regional administrators and leadership from SBA’s district offices to discuss combined efforts to connect businesses with the resources they need to start grow and thrive.  

Administrator Guzman with SBA leaders from across the country

Looking Ahead….

June continues to be busy across SBA New England.  Next week I will travel with Associate Administrator for SBA’s Office of International Trade, Gabriel Esparza, to Rhode Island, Massachusetts and New Hampshire to meet with businesses and key stakeholders in international trade.  I’m thrilled that we will be joined by Senator Jack Reed and Senator Sheldon Whitehouse for our stops in Rhode Island.  And for Small and Medium Enterprises interested or engaged with U.S.-UK Trade, there is still time to register for the 5th United States-United Kingdom Small and Medium Enterprise Dialogue.  You can find details on this session below.  

On May 31, 2022, President Biden proclaimed the month of June Lesbian, Gay, Bisexual, Transgender, Queer and Intersex (LGBTQI+) Pride Month. Pride month is a time of celebration of the LGBTQ+ community and their contributions, but it is also a reminder of the progress we are still fighting for. All of America’s entrepreneurs deserve a level playing field, regardless of zip code, race, gender, gender identity or sexual orientation.   

Administrator Guzman and President Biden have made diversity, equity, inclusion, and accessibility among the highest priorities at the SBA and the Administration, respectively.  In one of his first acts, President Biden signed a proclamation to combat and prevent discrimination on the basis of gender identity or sexual orientation —where he affirmed that “every person should be treated with respect and dignity and should be able to live without fear, no matter who they are or whom they love.”  

Persistent inequities and historic barriers to capital, markets and networks – the flaws and fissures of our economy– have got to go.  

According to the most recent data from the National Gay & Lesbian Chamber of Commerce (NGLCC), the LGBTQ+ business community includes 1.4 million business owners. They also generate more than $1.7 trillion dollars in US economic impact and support tens of thousands of jobs – and that number continues to grow.  

To drive greater economic empowerment of the LGBTQ+ community, the SBA is working every day with district offices and resource partners to connect  entrepreneurs to the capital and resources they need to start and grow their businesses. 

As a part of these efforts, recently, Administrator Guzman recently joined New
England Regional Administrator Mike Vlacich and Connecticut District Direct Catherine Marx to kick of Pride Month with Executive Director  John Pica-Sneeden of the Connecticut Gay and Lesbian Chamber of Commerce. The group had the opportunity to discuss the successes and resilience of LGBTQ business owners and talk about how we can work together  to continue inclusive outreach to all entrepreneurs.

As America continues its embrace of diversity and inclusion, the SBA stands ready to support LGBTQ+ entrepreneurs this June and beyond.

Image of meeting with Administrator Guzman and John Pica-Sneeden of the Connecticut Gay and Lesbian Chamber of Commerce

Hurricane Preparedness

With the start of hurricane season officially upon us, it is more important than ever for residents and small businesses to remember that the best course of action to limit damage from natural disasters is preparing before the disaster hits.

Natural disasters are not just more devastating than in the past; they are also coming faster, more frequently, and are often rapidly changing in their complexity and scope. In 2020, the United States suffered 22 separate billion-dollar disasters —the most in our history— but experts in the space expect that number to continue to climb. Fighting climate change and preparing America to adapt to its impacts has been and will remain a priority for the Biden-Harris Administration – and supporting that readiness is a critical component of the SBA’s work under Administrator Guzman.

While New England may not be as high-risk for hurricanes as some other areas of the country, it’s also important to prepare as hurricanes in another part of the country can still impact the networks or supply chains of small businesses.

The SBA is ensuring its products and services are simple and flexible enough to meet small businesses where they are and help them prepare, manage and recover from the growing disaster threats including pandemics, cybersecurity, and increased natural disasters due to climate changes.

The SBA’s disaster loan program is the only federal assistance program that provides private property owners an affordable way to mitigate disaster impacts and protect their homes, families, businesses, employees, and livelihoods against the next disaster. Funds received from SBA disaster loans can be used by property owners to build back better, stronger, and more resilient.

Here are a few ways businesses can get ready for this year’s hurricane season:

• Establish a communications plan and subscribe to local emergency management alerts.
• Protect vital information in the cloud.
• Review insurance coverage, consider business interruption insurance, and take a video inventory of property and assets.
• Complete facilities and operations planning; consider e-commerce solutions or temporary alternative locations to resume operations quickly and evaluate supply chains.
• Engage in pre-disaster contract development opportunities.
• Practice and test your plan with managers and staff.

Learn more about preparing for disasters: Prepare for emergencies (sba.gov).

SBA Advocacy Roundtable on Access and Use of Digital Tools for Small Business

Friday, Jun 17, 2022

10:00am to 12:00pm

UNH Peter T. Paul College of Business & Economics

10 Garrison Ave, Durham, New Hampshire

The Office of Advocacy, an independent office within the U.S. Small Business Administration, is holding a roundtable to hear from small businesses and advocates about their views on access to and use of digital tools. The use of digital tools is a key enabler for small businesses to innovate, grow and compete. 

The purpose of the listening sessions is to develop recommendations for U.S. and EU policymakers through the Trade and Technology Council (TTC) that will help accelerate small businesses access to and the uptake of digital technologies.

Register Here

5th United States-United Kingdom Small and Medium Enterprise Dialogue

SBA Lending Across New England

7(a) Lending

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for: 

• Short- and long-term working capital 
• Refinance current business debt 
• Purchase furniture, fixtures, and supplies 

Find out more about 7(a) Loans.

So far in Fiscal Year 2022 (October 1, 2021 – May 31, 2022) SBA approved 1667 7(a) loans across New England for $511,816,000.

The top 5 7(a) lenders for this time period by number of loans are: 

504 Program

The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.

504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.

Find out more about 504 Loans.

For the same time period, the 504 Certified Development Companies approved 522 loans across New England for $354,691,000. The top 5 504 lenders for this time period by number of loans are: