Breaking barriers & Bridging Gaps, the Financial Landscape is changing.  

The Small Business Administration (SBA) announced this last year a proposal to the regulations in SBA’s business loan programs, from the 7(a) to 504 loan initiatives and beyond.¹

Traditionally there has been much concern surrounding the stigma of individuals with criminal histories who would pose a higher risk of default. Research and evidence challenge this idea, proving that these individuals are just as capable of success. When individuals are held back because of past mistakes, we deny them the opportunity to learn, grow, and contribute to society.

Entrepreneurship is a vehicle of empowerment. Criminal backgrounds often deter individuals from hiring those from a criminal background because of their past. However, by fostering an environment where individuals can access capital, resources, and education, we not only are giving them the ability to positively integrate themselves in society but to also pursue economic stability and have success in their entrepreneur dreams.

Education, accessibility, and capital serve as fundamental building blocks in the journey of an entrepreneur. The proposed changes to the loan requirements show a change in the lending landscape that eliminates antiquated rules and begins to prioritize equity, diversity, and accessibility for all. By removing barriers, we are able to foster an inclusive system, and can use this transformative power of entrepreneurship to uplift individuals and communities alike.

As we navigate the evolving landscape of entrepreneurship, we need to recognize that every individual has the potential to succeed regardless of their past mistakes. By embracing inclusivity and providing avenues to property, we not only help in the individual’s success but also cultivate a stronger community and society.

These changes by the SBA are a promising step towards a future where opportunity is not limited by race, creed, sex, gender, culture, religion, and any other difference, and that every entrepreneur has a chance to not just survive but thrive. Here’s to breaking through another barrier of stigma.

Click here to read more about the SBA Regulation Changes.

At the Women's Business Center, we recognize the significance of education in entrepreneurial growth, acknowledging that there's much we have yet to learn. Explore our library for valuable resources on Microloans and other financial education classes. See some below and check out more here:

Small Biz Boost: Register here for an online recorded workshop

• Learn more about alternative lending options for small businesses in Northern California.
• Find the right micro-loan programs for your small or rural businesses and know how to apply.
• Understand the diverse array of Microloan programs and how to qualify and apply for them.
• Learn how to meet requirements for loan approval.
• Receive tips and tools to successfully apply for the funding your business needs.

Bookkeeping Made Easy: Register here

Numbers feeling fuzzy? Learn cash flow mastery at our workshop. Join us!

Next Steps

1) Sign Up

2) Watch the lesson recording

3) Join the next live group session

4) Get some 1:1 coaching!

Next Session: May 17- 12:00 pm

See other classes on our Calendar.

1. Criminal Justice reviews for the SBA business loan Programs, disaster loan Programs, and Surety Bond Guaranty Program. (2024, April 30). Federal Register. https://www.federalregister.gov/documents/2024/04/30/2024-09009/criminal-justice-reviews-for-the-sba-business-loan-programs-disaster-loan-programs-and-surety-bond