Last week, Small Business Administration Administrator Karen Mills spoke to the Greater Miami Chamber of Commerce. She had good news for many businesses seeking credit. “Lending is back to 2008 levels,” Mills said.
But the news wasn’t so good for the small businesses in geographically challenged areas and our smallest of small businesses. According to Mills, “we are not back in underserved communities and we are not back when it comes to small loans.”
The truth is that lending hasn’t been good in underserved communities and for our very small businesses for a very long, long time.
This June will be Microenterprise Month in South Carolina. These businesses with fewer than five employees and started with less than $35,000 represent 87% of our businesses. These are the businesses we need to grow with proper technical assistance and very small loans.
If you want to find out more about organizations in the state trying to help microenterprises, come to a forum on May 25th at 12:30 in the Blatt Building (room to be announced) on the State House grounds. That’s when we’re kicking off June as Microenterprise Development Month.
Hope to see you on the 25th. Let me know if you want to be involved in Micorenterprise Development Month.