The Small Business Administration’s Lesbian, Gay and Transgender (LGBT) Outreach page is up and running again. A letter written to SBA Administrator Linda McMahon by House Small Business Committee Ranking Member Rep. Nydia M. Velázquez (D-New York) and Rep. Yvette D. Clarke (D-New York) moved things along to make it happen.
SBA LGBTQ Resources Return
Businesses in the LGBT community contribute to the US economy to the tune of $1.1 billion. Making the vast resources of the SBA available to them is essential to ensure their long-term success as small business owners across the country.
The representatives responded to the reinstatement of the webpage by saying, “We’re pleased Administrator McMahon has taken our concerns seriously and reinstated these resources. It is important that all federal agencies are inclusive and work proactively to serve the needs of all Americans.”
SBA and LGBT-owned Businesses
The LGBT Outreach Page says it is proud to be supporting LGBT businesses with inclusion and outreach to economically empower the entrepreneurs in this community.
The administration says LGBT businesses can access SBA programs and services by finding their local offices to see if they can qualify for the 8(a) Business Development program. This is a program which awards at least five percent of federal contracting dollars to small disadvantaged businesses annually.
On the Outreach Page, the SBA says it “Conducts outreach to be more inclusive of LGBT business owners, and our staff welcomes and recognizes the importance of greater inclusion at all levels and to all communities.”
The Success of LGBT Businesses
In the letter to McMahon, representatives further pointed out that while many startups close before their fourth year, the average LGBT business has been operating at least 12 years. Hence these businesses are crucial and stable parts of their local economies.
By supporting these businesses, the SBA encourages their growth, leading to more people being hired in the communities where they operate.
It is nice to see how much they contribute but is the distinction necessary? Or is it what they want?
Yes, just as every other diverse/minority community is represented by data and economic development programs for them — the LGBT business community’s massive economic impact earns them a seat at the table and a designation of their own in the public sector, just as its done across the Fortune 500.
Amazing on how the LGBT community influences the growth of businesses.