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Latest News

NEWS
September 22, 2021
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NEWS
September 22, 2021
SBA Information Notice 5000-818641
7(a) Fees Effective October 1, 2021
NEWS
September 2, 2021
CDFI Fund Announces $5 Billion in New Markets Tax Credits
Awards will Spur Economic and Community Development Nationwide WASHINGTON – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program (NMTC Program). “These investments will create jobs and spur economic growth in urban and rural communities across the country,” Secretary of the U.S. Treasury, Janet L. Yellen, said. “Many of the communities that will receive these funds have confronted economic challenges over many decades. Challenges which have been made more difficult by a lack of investment. It’s critical that Congress sustain these investments over time by making the New Markets Tax Credit Program permanent.” “For over 20 years, the New Markets Tax Credit has facilitated essential investments into low-income communities and businesses helping them to rebuild after years of disinvestment and enabling them to recover from external forces, such as the current pandemic, which have caused disproportionate harm to the businesses and families in these communities,” said CDFI Fund Director Jodie Harris. The 100 CDEs receiving awards today were selected from a pool of 208 applicants that requested an aggregate total of $15.1 billion in tax credit allocation authority. The award recipients are headquartered in 34 different states and the District of Columbia. One-fifth (20%) of the investments will be made in rural communities. It is estimated that these award recipients will make more than $1 billion in New Markets Tax Credit investments in non-metropolitan counties. Today’s announcement brings the total amount awarded through the NMTC Program to $66 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2020, NMTC Program award recipients deployed almost $56 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of nearly 871,000 jobs, and the construction or rehabilitation of nearly 231.5 million square feet of commercial real estate. 2020 NMTC Program Award Resources The list of awards can be found in the Award Book, along with other information about these awards, here. About the New Markets Tax Credit Program The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. Since the inception of the NMTC Program, the CDFI Fund has completed 17 allocation rounds and has made 1,354 awards totaling $66 billion in tax allocation authority. This includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority used for the recovery and redevelopment of the Gulf Opportunity Zone. To learn more about the New Markets Tax Credit Program, please view the program Fact Sheet or visit www.cdfifund.gov/nmtc.  About the CDFI Fund Since its creation in 1994, the CDFI Fund has awarded more than $5.1 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov. ####
NEWS
September 2, 2021
SBA Announces National Small Business Week Virtual Summit Event Schedule for September 13-15
WASHINGTON – The U.S. Small Business Administration’s National Small Business Week Virtual Summit event schedule is set. This annual event, happening September 13-15, 2021, honors the nation’s 31 million small businesses for their perseverance, ingenuity, triumphs, and creativity. SBA Administrator Isabella Casillas Guzman announced National Small Business Week in a news release last month. The free, three-day conference will take place in a virtual atrium, which will showcase a series of educational panels on best practices for small businesses to pivot and recover in a changing economy. This year’s theme is “Celebrating Resilience and Renewal,” spotlighting the resilience of America’s entrepreneurs and the renewal of the small business economy as they build back better from the economic crisis brought on by the pandemic. NSBW events this year will provide a forum where business owners will be able to get expert advice, learn new business strategies, connect with industry experts, and meet other business owners as they look to pivot and recover. Monday, September 13, 11 a.m. EDT – “Getting Back on Track: Resources to Build Back Better” Day’s events include: National Small Business Week Welcome – SBA Administrator Guzman Morning Session – Visa US Economic Outlook:  Charting a Course for the Expansion Mid-day Sessions – Getting Real about Resilience Make Your Small Business More Accessible Winning in E-commerce with Email Marketing Late-day Session – Government Incentives to Support and Retain Employees Tuesday, September 14, 11 a.m. EDT – “Better Serving Small Businesses and Underserved Communities” Day’s events include: Morning Sessions – Access to Capital for Women Entrepreneurs U.S. Postal Service: Delivering Solutions for Small Businesses Mid-day Sessions – Unlocking the Doors to Access for Black-Owned Businesses:  Funders and Founders Share their Real-Life Stories Resilience and the Recovery: How Small Businesses Can Adapt to the Trends Transforming the Workforce Late-day Session – Support Latino Biz: How Mayors and influencers are leading the way to celebrate the significant economic contributions that Latino-owned businesses make, the jobs they help create, and the positive impact they bring to our community.    Wednesday, September 15, 11 a.m. EDT – “Continuance to Support Resilience and Renewal” Day’s events include: Morning Session – Recovery Lessons from the Nation’s Entrepreneurial Coaching Networks Panel Discussion – Exporting as a Way to Grow Your Business: How SBA Can Help You Sell Overseas Mid-day Sessions – Accelerate Your Small Business Success by Selling Online Integrating Brick and Mortar and E-commerce Late-day Session – Empowering the Veteran and Military Small Business Community Closing Session – “Gateway to Success:” Tune in to get a virtual look at the nationwide resources SBA field offices have to help small businesses business start, grow, expand and recover, and how to get connected to the powerful network of small business entrepreneurs right in your community. To register for the National Small Business Week Virtual Summit and to participate in summit workshops, please visit http://www.sba.gov/NSBW. All events will be live-streamed and will use the event hashtag #SmallBusinessWeek. Details and information will be posted on https://www.sba.gov/NSBW  as events are finalized.  --- Cosponsorship Authorization #21-21-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis. Reasonable arrangements for persons with disabilities will be made, if requested at least two weeks in advance, by contacting smallbusinessweek@sba.gov. SCORE is partially funded by SBA Cooperative Agreement No. SBAHQ-14-S-0001.     About the U.S. Small Business Administration The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.