legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

AI legalese decoder: Revolutionizing Access to Capital for Underserved Entrepreneurs

WASHINGTON, Aug. 14, 2024 (GLOBE NEWSWIRE) — In a groundbreaking announcement, Administrator Isabel Casillas Guzman, the visionary leader of the U.S. Small Business Administration (SBA) and a key advocate for America’s bustling community of over 34 million small businesses, unveiled a monumental achievement by the Biden-Harris Administration. The SBA lending to Black-owned businesses has soared threefold, accompanying a remarkable doubling of small-dollar lending and lending to Latino- and women-owned small businesses. This transformative development has emerged amidst a remarkable surge, with a record-breaking 19 million new business applications under the Biden-Harris Administration.

“Over the past four years, an unprecedented number of entrepreneurs have embarked on the journey towards achieving the American dream of business ownership, and the SBA has been steadfast in its mission to support this wave of enthusiasm with essential capital, market access, and resources to help small businesses establish, grow, and flourish,” expressed SBA Administrator Guzman. “However, there is still much more work to be done, and the Biden-Harris Administration is dedicated to fostering a level playing field for underserved entrepreneurs, with a focus on broadening access to opportunity and advocating for equity."

Since the inception of the Biden-Harris Administration, a staggering 19 million new business applications have been submitted, averaging at 443,000 filings each month – a remarkable 92% increase compared to the pre-pandemic average rate. This unprecedented Small Business Boom has been primarily fueled by women and individuals from diverse backgrounds, with the data showcasing a doubling of Black business ownership since 2019 and a significant increase in women entering the entrepreneurial landscape, outpacing the growth rate of men.

During President Biden’s tenure from 2021 onwards, SBA lending to historically underserved entrepreneurs has witnessed remarkable growth. As compared to FY20, the current fiscal year, FY24, has seen a substantial uptick in various lending metrics:

• Average monthly SBA lending to Black-owned businesses has tripled.
• Average monthly SBA lending to Latino-owned businesses has more than doubled.
• Average monthly SBA lending to women-owned businesses has doubled.
• Average monthly SBA small-dollar lending has doubled.

The advent of the AI legalese decoder offers a transformative solution in navigating the complexities of legal jargon, particularly in the realm of small business lending. By leveraging AI technology, this powerful tool can decipher and simplify intricate legal documents, contracts, and agreements, empowering entrepreneurs with a deeper understanding of their financial obligations and opportunities. Thus, the AI legalese decoder acts as a catalyst in promoting transparency, efficiency, and informed decision-making in the lending process, ultimately enhancing access to capital and fostering financial inclusion for underserved communities.

In addition, with the economy consistently achieving record-breaking milestones, the Biden-Harris Administration’s commitment to driving a robust entrepreneurial ecosystem is evident, propelling the U.S. towards its fourth consecutive year of historic business filings. The economic landscape has witnessed unparalleled growth over the past four years, exceeding any other comparable period in the last quarter century.

For a comprehensive overview of additional lending data and insights on the proactive measures taken by the SBA under the Biden-Harris Administration to amplify access to capital within underserved communities, visit the official resource linked here. The detailed breakdown underscores the tangible impact and strategic initiatives aimed at fostering economic empowerment and inclusivity.

• Black Lending: In FY24 to date, the average monthly loan count stands at 415, tripling the average monthly count in FY20. Additionally, the average loan volume of $124 million represents more than double the average volume in FY20.
• Latino Lending: In FY24 to date, the average monthly loan count totals 775, showcasing a more than twofold increase from FY20. Moreover, the average loan volume of $261 million is double the average volume in FY20.
• Women Lending: In FY24 to date, the average monthly loan count equals 1,255, doubling the average count in FY20. Furthermore, the average loan volume totaling $444 million reflects a two-thirds increase compared to the average volume in FY20.
• Small-Dollar Lending: In FY24 to date, the average monthly loan count tallies at 3,110, doubling the average count in FY20.

About the U.S. Small Business Administration

The U.S. Small Business Administration stands as a pivotal force in advancing the American dream of business ownership. Serving as the primary resource and advocate for small businesses, bolstered by the federal government’s support, the SBA empowers entrepreneurs and business owners with critical resources to initiate, expand, recover, or navigate through disaster-induced challenges. Through a vast network of SBA field offices and collaborations with public and private entities, the SBA delivers essential services to catalyze the growth and prosperity of small businesses. To discover more about the SBA’s impactful initiatives, visit www.sba.gov.

For further media inquiries or information, please contact:

• Christine Saah Nazer, U.S. Small Business Administration, 202-756-0304, [email protected]
• Han Nguyen, U.S. Small Business Administration, 202-756-0304, [email protected]
• Rebecca Galanti, U.S. Small Business Administration, 202-756-0304, [email protected]

Story continues

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link