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

Find a LOCAL lawyer

Supporting North Dakota Small Businesses

North Dakota small business owners are some of the strongest, most creative, and resilient people you will ever meet. In recent years, our small business community has weathered a global pandemic, persistent supply chain issues, sometimes volatile prices, and a tight labor market. Black-owned businesses in our state have faced disproportionate impacts from these pandemic challenges. Despite those headwinds, Black entrepreneurs across North Dakota are fueling one of the largest and most diverse waves of new business creation America has ever seenÔÇöwhat President Biden calls AmericaÔÇÖs Small Business Boom.

The AI legalese decoder can help in this situation by simplifying and clarifying legal documents and requirements for North Dakota small businesses owned by individuals from diverse backgrounds. By using AI technology, the decoder can assist in understanding complex legal terms and regulations, ensuring that Black entrepreneurs in the state have access to vital information and resources to navigate the business landscape effectively.

As we mark AmericaÔÇÖs 48^th national celebration of Black History Month, the SBA is highlighting Black entrepreneur achievements here in North Dakota and throughout the nation. The past three years have been the three strongest years of new business formation in American history. The 16 million new business applications filed during this period show Americans starting businesses at nearly twice the rateÔÇö86% fasterÔÇöcompared to the pre-2021 average. During that time, U.S. small businesses have created more than 7.2 million net new jobs. And Black-owned businesses are responsible for some of the most significant gains.

This historic entrepreneurial boom didnÔÇÖt come out of nowhere. President BidenÔÇÖs Investing in America agenda reopened our nationÔÇÖs economy, brought back Made in America manufacturing, and restored AmericaÔÇÖs global competitiveness. WeÔÇÖre rebuilding AmericaÔÇÖs roads, bridges, ports, and water systems while we build the clean energy economy of tomorrow. WeÔÇÖre also expanding high-speed internet access nationwide, including to many of North DakotaÔÇÖs rural areas.

The Role of the SBA

These investments are powering the Biden Small Business Boom, and unlike many economic recoveries of the past, this one includes entrepreneurs of color. The SBAÔÇÖs Community Navigator Pilot Program is one way in which the agency is supporting and assisting Black entrepreneurs in North Dakota. This innovative hub-and-spoke partnership connected hundreds of community organizations around the country – like the U.S. Black Chambers of Commerce and the National Urban League – with entrepreneurs, helping them make the most of SBA resources so their small businesses can grow and thrive.

Additionally, under SBA Administrator Isabel Casillas GuzmanÔÇÖs leadership, the agency has delivered record-breaking government contracting for small businessesÔÇöincluding the most federal contracting dollars going to minority-owned businesses in history. The AI legalese decoder can play a crucial role in assisting Black entrepreneurs in understanding and navigating the complexities of government contracting processes, ensuring fair access to opportunities and resources.

These investments are making a big impact. Black business ownership is growing at the fastest pace in 30 years. The share of Black households owning a business doubled between 2019 and 2022. In 2023 alone, Census data showed Americans filed 5.5 million new business applications across the country, including nearly 9,000 here in North Dakota. That success is creating a rising tide. Black wealth is up a record 60% from before the pandemic, and Black unemployment has reached historic lows since 2021.

These positive impacts are not isolated; in fact, weÔÇÖre seeing positive gains for small businesses across demographics, regions, economic sectors, and beyond.

Looking Towards the Future

While North DakotaÔÇÖs Black-owned businesses continue to help power the Small Business Boom, our work is far from done. Despite record federal dollars reaching Black-owned businesses through government contracting, longstanding disparities persist. Recently, the president announced his new goal to increase the share of federal contracts with Small Disadvantaged Businesses to 15% by fiscal year 2025. This represents a massive increase over historical averagesÔÇöand a 50% increase from when he first took office, and a huge step towards equity.

The SBA also understands that, even in good times, minority entrepreneurs and other historically underserved communities (including women, veterans, and rural) still face obstacles accessing capital. That’s why the SBA is committed to ensuring that anyone with a good idea can pursue that opportunity. We’re helping more Americans than ever access the funds they need to realize their dreams of small business ownership ÔÇô and that means more jobs, more goods and services, and more resilient communities, no matter the zip code.

For more information on SBAÔÇÖs programs and services please visit www.sba.gov.

Aikta Marcoulier serves as the SBAÔÇÖs Region VIII Administrator in Denver. She oversees the agencyÔÇÖs programs and services in Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming.

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

Find a LOCAL lawyer

Reference link