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Small business group praises Small Business Administration’s efforts to support LGBTQI+ small business owners as they juggle a tightening credit market and discriminatory legislative actions

Statement by Small Business for America’s Future Director Sammi Kerley on SBA’s LGBTQ+ small business roundtable

Washington, D.C. June 13, 2023– It was great to hear about the deep commitment the Small Business Administration is taking to support LGBTQI+ small business owners under the leadership of Administrator Isabella Casillas Guzman, at a roundtable held today. 

LGBTQI+ business owners account for more than $1.7 trillion in national  economic impact but face fierce challenges that limit their growth and impact. Access to capital has always been difficult. According to the National LGBT Chamber of Commerce (NGLCC) less than 1 percent of venture capital funding goes to LGBTQ+ companies. The environment has worsened with high interest rates and tightening credit requirements at traditional financial institutions.

They are also on high alert as legislatures across the country are proposing and in some cases passing discriminatory laws that cause great harm and promote hate. These issues are creating a volatile environment that is bad for business and our economy. 

Now more than ever LGBTQI+ business owners need our support. I am heartened to know the highest levels of government are providing support beyond Pride Month. 

We encourage other lawmakers to reject hate and pass legislation that supports small business owners regardless of how they identify.