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GREEN BAY − As inflation steadies at 3.7% in September, it’s still higher than a year ago, and high interest rates and a lack of workforce continue to present issues for small business owners.
Last week’s visit by Isabella Casillas Guzman, the U.S. Small Business Administrator, was filled with optimistic energy aimed at small and minority-owned business in particular. Although the economic environment is still tough, she said, there are more than13.6 million new small business applications nationwide since 2020 — including 167,200 in Wisconsin.
“I encourage small business owners to go to sba.gov to try and get resources,” Casillas Guzman said. “We are trying to expand our distribution network and make sure affordable capital is available.”
Accompanied by Green Bay’s mayor, Eric Genrich, and Wisconsin’s lieutenant governor, Sara Rodriguez, the administrator visited several businesses as part of a “Latino Prosperity Tour.” One destination was The Cannery, a test kitchen and business incubator at 320 N. Broadway, which is currently home to five businesses, two of them Latino-owned and one Jamaican.
After a short tour at the test kitchen, Casillas Guzman said Latino entrepreneur growth rates have risen ten times more than non-Latino rates and businesses are popping up at a rate 20 times faster than pre-pandemic levels.
“Our country needs these entrepreneurs to be successful,” she said. “They are creating jobs and contributing to our economy.”
SBA data shows loans through the 7(a) and 504 programs has risen 12.2% in 2023 from 7.8% in 2020. These programs have contributed approximately $2.2 billion and $965 million in four years to small businesses in Wisconsin.
Besides financial resources, the SBA also offers advice and mentorship to small companies through several programs. Casillas Guzman said these programs can serve business owners in several ways.
“It’s about being smarter when you are managing,” she said. “Making sure you are getting free advice and mentorship SBA offers to help ensure better profitability and revenue.”
Workforce issues still a concern, childcare part of the solution
Beside high interest rates and inflation, workforce shortages are a pressing issue for many companies and Casillas Guzman said the lack of childcare access keeps many families out of the labor force.
At Titletown Tech, Casillas Guzman met a woman entrepreneur whose business suffered when she had a newborn.
“We need to invest in childcare services,” she said. “At the SBA we have boot camps for those interested in opening a child care business.”
For example, the organization partnered in May with the Administration for Children and Families, a division of the U.S. Department of Health and Human Services, to provide a three-session training program for people interested in opening a child care business.
“We have specialists and other programs targeted at making a business succeed,” Casillas Guzman said.
Trainings and other workshops can be found at sba.gov/events.
Information about loans and investments can be found at sba.gov/funding-programs/loans.
Ariel Perez is a business reporter for the Green Bay Press-Gazette. You can reach him at APerez1@gannett.com or view his Twitter profile at @Ariel_Perez85.
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