SBA Administrator Guzman Travels to Durham to Highlight Small Business Growth in North Carolina

On Tuesday, Oct. 29, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, traveled to Durham, N.C. to highlight record small business growth in North Carolina under the Biden-Harris Administration – including the historic rate of new business applications and increased SBA lending to North Carolina small businesses, particularly those in underrepresented communities.

Under the Biden-Harris Administration, the U.S. has experienced a Small Business Boom with more than 19.8 million new business applications filed nationwide – including over 630,000 in North Carolina alone. The newly-released Fiscal Year 2024 Capital Impact Report shows SBA lending to Black-owned small businesses has tripled under the Biden-Harris Administration, while Latino-owned small businesses have seen 2.5 times greater lending.

In the morning, Administrator Guzman joined the North Carolina Hispanic Chamber of Commerce (NCHCC) President Lorena Patterson for a visit to Aaktun Coffee where she met with the business owner, Alonso Hernandez, who is also a member of NCHCC. At Aaktun, the Administrator also participated in a roundtable with local business owners and members of the chamber to discuss how the SBA can continue to create economic opportunities for Latino-owned businesses in North Carolina and across America.

Administrator Guzman then joined the Operation HOPE Aspiration Tour where she participated in a fireside chat, “Scaling Durham Businesses for Future Growth and Economic Sustainability,” with Operation HOPE founder and CEO John Hope Bryant and Durham Mayor Leonardo Williams. During this fireside chat, Administrator Guzman highlighted the SBA’s national alliance with HOPE and the agency’s efforts to increase access to capital for underserved entrepreneurs.

Afterward, Administrator Guzman visited Dr. Lionel M. Nelson’s Family and Cosmetic Dentistry, a Black-owned small businesses in Durham that received an SBA-backed loan in FY24. Administrator Guzman talked with the owner about how SBA resources were essential in the relocation and renovation of their new facility, and highlighted how Black entrepreneurs are fueling the country’s small business boom.