More than 90 percent of businesses in the United States are considered small businesses, and many are continuing to face challenges as a result of the COVID-19 pandemic. While larger companies and corporations have been able to bounce back quickly after pandemic-related setbacks, small businesses have a smaller financial margin.
Minority-owned small businesses have been most affected, reporting difficulty securing financing, predicting decreased revenue, and fearing they may have to close their doors permanently, according to a recent study.
What is the Community Navigator Pilot Program?
In order to help address these concerns and challenges, the Small Business Administration created the SBA Community Navigator Pilot Program. This pilot grant program was designed to help ensure historically underserved small businesses and entrepreneurs can access the resources they need to recover, grow and thrive following the COVID-19 pandemic.
The program will operate as a “hub and spoke” model, with $100 million in funding dispersed to 51 community-based organizations that will in turn help small businesses access government resources and assistance.
According to the SBA, these resources will include:
- financial assistance and access to capital
- contracting and procurement
- marketing, operations, business development, and exporting
- industry-specific training
- education and business counseling services
Does your business qualify for assistance through the Community Navigator Pilot Program?
The SBA Community Navigator Pilot Program offers funding for nonprofit organizations, state and local governments, higher education institutions and tribal entities that serve small businesses in underserved communities.
As one such organization, TAAACC will provide education and business counseling services through the SBA Navigator Pilot Program for the next two years.
If you have a minority-owned small business or are an entrepreneur or business that serves underrepresented populations in Texas, you may qualify for assistance through the Community Navigator Pilot Program.
For more information about this funding program or to learn more about what assistance is available for small businesses in Texas, please contact navigator@taaacc.org
