Texas is known as a business-friendly state and is a booming hub for startups and small businesses. There are more than 3 million small businesses in the Lone Star State, employing nearly half of the private sector workforce.
However, the COVID-19 pandemic and the economic volatility of the past several years have created additional challenges and burdens for small business owners. Small businesses were one of the hardest-hit sectors during the pandemic, and as many as one third are still closed due to COVID.
In an effort to help support the country’s small businesses and ensure they have access to the resources and federal programs they need, the Small Business Administration has launched the SBA Community Navigator Pilot Program. This grant program specifically focuses on supporting historically underserved small businesses and entrepreneurs across the country and in the state of Texas.
While millions of small businesses were impacted by the pandemic, Black businesses and other minority businesses were disproportionately affected. Minority small businesses have reported more competition and more barriers to securing loans, while 1 in 4 expected revenue to decrease over the next year.
The SBA Community Navigator Pilot Program will help address some of these discrepancies with a total of $100 million in funding dispersed to 51 community-based organizations helping small businesses access government resources and assistance.
According to the SBA, these resources will include:
- financial assistance and access to capital
- contracting and procurement
- marketing, operations, business development, and exporting
- industry-specific training
- education and business counseling services
For more information about this funding program or to learn more about what assistance is available for small businesses in Texas, please contact navigator@taaacc.org.