February 1, 2024
U.S. Small Business Administration and the African American Alliance of CDFI CEOs Forge Partnership to Ignite Small Business Growth
Partnership to Empower Small Businesses and Build Bridges Towards Economic Prosperity for Black Communities
ORLANDO, FL – The African American Alliance of CDFI CEOs (The Alliance) and U.S. Small Business Administration (SBA) have announced a strategic partnership aimed at boosting entrepreneurship and supporting sustainable growth for small businesses. This momentous collaboration was celebrated with a signing ceremony on February 1, 2024, at the Hayti Heritage Center, 804 Old Fayetteville St, Durham, NC 27701.
The partnership between The Alliance and SBA is built on a shared mission; helping start, maintain, and expand small businesses. The Alliance, a dynamic network of Black-led Community Development Financial Institutions (CDFIs), aligns with the SBA to build bridges towards economic prosperity for Black communities. The Alliance seeks to augment the capacity of its members, fostering further economic development.
The partnership will focus on an integrated approach to provide Alliance members, and the communities they serve, with access to educational tools, technical assistance, and other essential programs for business expansion and scalability.
Key areas of collaboration:
- Business Development Services: The Alliance and SBA will offer technical assistance and other essential resources needed to support the growth and expansion of small businesses.
- Education and Programmatic Support: Both organizations are committed to organizing and delivering training sessions and providing expert speakers for conferences and workshops.
“We are excited to partner with the SBA in this historic agreement. Together we will harness the strengths and resources of our organizations in our continuing efforts to support small businesses and catalyze economic growth,” said Lenwood V. Long, Sr., President & CEO of the Alliance. “This partnership represents a significant milestone in our ongoing efforts to drive economic empowerment and provide impactful support to our members and the communities they serve, as well as solidifies an even stronger partnership in our work with the SBA. We aim to unlock new opportunities and create a more inclusive ecosystem for small business success.”
“The SBA, under the Biden-Harris Administration, is proud to formalize our strategic alliance with the African American Alliance of CDFI CEOs (The Alliance) as we pursue our shared goals of equitably expanding access to capital, resources, and opportunity for the growing number of Black entrepreneurs,” said Administrator Guzman. “Under President Biden and Vice President Harris, Black business ownership is growing at the fastest pace in 30 years with the percent of entrepreneurial Black households doubling. This strategic alliance between the SBA and The Alliance will help us strengthen those new businesses, as well as the millions of established Black-owned businesses, so they can create jobs, innovate, and power our economy forward.”
The strategic partnership between the SBA and The Alliance is set to ignite a new era of small business support and development. To learn more about The Alliance and its programs, visit https://aaacdfi.org/
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About The African American Alliance of CDFI CEOs
The African American Alliance of CDFI CEOs (The Alliance) is a coalition of more than 76 CEOs of Black-led Community Development Financial Institutions (CDFIs), comprising loan funds, credit unions, venture capital firms, and non-profit developers. Since 2018, The Alliance’s network collectively services all 50 states and the District of Columbia. As a result, members are uniquely positioned to address issues related to housing and access to capital for African American populations and communities. Learn more about The Alliance and its programs at http://www.aaacdfi.org.
About 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 Contact:
Alisha Brown
African American Alliance of CDFI CEOs
[email protected] / 901-849-0820
