2003-07-18 / Community

Senator Smith Announces Outreach Effort

Senator Smith Announces Outreach Effort

State Senator Malcolm A. Smith has said that the New York Office of the U.S. Small Business Administration (SBA) will conduct an aggressive outreach effort to make small businesses aware of its services. The outreach effort will take place in New York City from July 14 to July 21.

"SBA officials will be visiting small businesses in areas with high concentrations of African-American, Asian-American, Latino, and women-owned companies. Bilingual speakers and materials will be available to ensure that the Administration can get its point across," Smith said.

Smith noted that during fiscal year 2002, the SBA’s New York district approved a combined 1,104 loans for $193.4 million for minority- and women-owned businesses. For fiscal year 2003 through May, the District has made nearly 54 percent more loans to those businesses than in the same period a year ago.

The SBA itself does not make the loans but creates a partnership with lenders, and guarantees up to 80 percent of any loan by a bank to a small business that would otherwise be unable to qualify for a loan.

For more information, interested individuals may call the SBA’s New York District Office, or visit their website at www.sba.gov.

"This is a unique opportunity for small businesses in my district and throughout New York City. I hope they will take full advantage of this," Smith concluded.

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