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President Biden’s strategy to build the American economy from the middle out and bottom up has already garnered extraordinary results. This includes an unprecedented number of applications to start businesses than our nation has ever experienced: more small business applications have been filed since January 2021 than in any period in our nation’s history. During this time, more than 18 million applications have been filed nationally. In the Pacific Northwest, we’ve seen nearly 650,000 applications filed including 30,000 applications filed in Alaska.
Due to the SBA’s commitment to meeting people where they are, this historic small business boom has been led by immigrants and Hispanic entrepreneurs who are starting companies at a rapid pace. Our enhanced outreach includes increasing engagement with organizations working with underserved communities, providing resources and services in multiple languages, and sharing information via media channels that are of particular appeal to these communities.
The Biden-Harris strategy continues to pay off with initiatives like Investing in America, a program that is rolling out across the country. We’re already seeing much-needed services being implemented from coast to coast which is benefitting consumers, non-profits and entire communities. And these exciting programs are gaining even more momentum.
The U.S Small Business Administration is enthusiastic about the prospects under Investing In America. Not only will small companies benefit from the investments in infrastructure, facilities and communities, estimates of contracting and other opportunities specifically for small businesses clock in at an impressive $50 billion. To help small businesses learn about the programs in each of their states, the SBA created an information hub at www.sba.gov/IIAhub. Programs of particular interest to small businesses are:
Bipartisan Infrastructure Law: Improvements to roads, water systems and more will be addressed now that $454 billion in funding is headed to states, Tribes, territories and local governments. Small businesses may be able to compete as a contractor or subcontractor for a large array of project services. The SBA can help you learn more about those opportunities as well as the steps you can take to set your company up for success.
CHIPS for America: The Department of Commerce has been provided with $50 billion for a suite of programs to strengthen domestic semiconductor research, development and manufacturing while investing in American workers. Earlier this month, the Commerce Department announced the process to select the first three research and development facilities that will be funded. More opportunities will be announced soon.
Industrial Assessment Centers: Small and mid-size manufacturers may receive a no-cost assessment to save on energy costs then apply to the Implementation Grants Program for up to $300,000 in funding per project. Applications are accepted by the Department of Energy quarterly, and the next deadline to apply is Oct. 1.
Rural Energy for America Program: The Pacific Northwest is vast, with many rural and remote areas. To address needs specific to small businesses and agricultural firms in those regions, the Rural Energy for America Program can help cut energy costs and grow those companies. REAP provides guaranteed loan financing and grant funding to help agricultural producers and small rural businesses install renewable energy systems.
These programs benefiting small businesses are on top of the services already being offered by the SBA. For decades, entrepreneurs throughout the Pacific Northwest have seen their businesses thrive by partnering with us to receive SBA-backed loans, counseling services, contracting support and disaster assistance. Investing In American opportunities can provide additional prospects and resources for your business’s success.
Beto Yarce was appointed by President Joe Biden to oversee the SBA’s programs and services as the agency’s regional administrator for the Pacific Northwest serving Alaska, Idaho, Oregon and Washington. For more information on how the SBA can assist your small business start, grow, expand or recover, please visit www.sba.gov. Para español, visita www.sba.gov/es.
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