Every four years, the SBA releases a strategy document for the current and upcoming years. In the document Strategic Plan FY 2018-2022, the SBA renews its commitment to providing relevant products and services to America’s small businesses.
SBA Administrator, Linda McMahon said, “The SBA’s strategic goals contain objectives and strategies that are directly tied to agency-wide and individual-level performance. These goals, and the objectives and strategies within them, aim to ensure efficiency and effectiveness when helping the millions of entrepreneurs and small business owners who use SBA products and services each year.”
The Strategic Plan outlines the SBA’s key goals and objectives for the next four years. In this plan, the SBA set four strategic goals:
- Support small business revenue and job growth;
- Build healthy entrepreneurial ecosystems and create business friendly environments;
- Restore small businesses and communities after disasters; and
- Strengthen SBA’s ability to serve small businesses.
For objective 1, the report notes that, “Small businesses in many rural and urban parts of America do not have the same level of access to capital as a result of limited access to lenders and lack of information and resources.” It set a Priority Goal to increase the number of loans by 5 percent from the FY 2017 baseline to small businesses in socially and economically disadvantaged urban communities and rural areas by September 30, 2019.
It is important to remember that SBA loan guaranty programs play a critical role in ensuring access to capital for small businesses that cannot obtain it conventionally. In the report, the SBA pledges to promote and develop its loan guaranty programs, like the 504 Loan Program, to best meet the needs of varying markets and entrepreneurs. The SBA maintains that one of its top priorities is to get capital flowing to small businesses.
To get started with a 504 Loan or to partner with Community Business Finance, contact our offices:
Business Development Director
800-462-1017, ext. 203
713-457-1650, ext. 201