SBA announces landmark collaboration with historically black fraternities and sororities to address the wealth gap through black entrepreneurship

President Biden and the Small Business Association have partnered with historically black fraternities and sororities to bridge the wealth gap in America. Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s cabinet, signed a Strategic Alliance Memorandum (SAM). The SAM serves as an authority unique to the SBA among federal agencies — with President Reuben A. Shelton III, Esq., on behalf of the National Pan-Hellenic Council (NPHC)’s Council of Presidents. The NPHC is comprised of nine historically Black fraternities and sororities, sometimes referred to as the “Divine Nine.” This new strategic relationship, announced ahead of Juneteenth, backs the Biden-Harris Administration’s commitment to strengthening equity throughout the federal government and across America. The partnership will focus on increasing financial literacy within traditionally underserved, disadvantaged communities. This involves expanding the Agency’s outreach, and introducing Black entrepreneurs to the SBA’s suite of tools and resources to start and grow their businesses, including access to capital, government contracting opportunities, and counseling, under the new alliance, a first for a federal government agency.

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