New SBA Advisory Council and Loans to Underserved Communities

On 12/15/2010, SBA Administrator Karen Mills named Catherine L. Hughes, chairperson and founder of Radio One, Inc., and a former SBA borrower, to chair the agency’s new Advisory Council on Underserved Communities. The Council will provide input, advice and recommendations on how SBA through its programs can help strengthen competiveness and sustainability for small businesses in underserved communities.

SBA and U.S. Department of Commerce studies have shown the importance of lower-dollar loans to small business formation and growth in underserved communities. With that in mind, two new loan initiatives – Small Loan Advantage and Community Advantage – are aimed at increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. Mills stated that the new loan initiatives are in line with the agency’s core mission of supporting small business growth and job creation, and goals of the new Advisory Council on Underserved Communities, announced today.

The agency’s new Advisory Council on Underserved Communities will consist of 20 members from across the country. Over the next few weeks, the SBA will accept nominations for members to serve on the CUC. Members will provide a critical link between SBA and small businesses in traditionally underserved c! ommuniti es. It is anticipated that members will reflect a variety of key sectors, including business owners, banking and finance, community development, nonprofit and academia. Member nominations can be emailed to underservedcouncil@sba.gov.

10-72 Advantage Loan Program Launch official press release

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