Small Businesses in Koreatown Rely on SBA for Survival and Growth
Small businesses in Koreatown, Los Angeles have turned to the Small Business Administration (SBA) for support and assistance throughout the pandemic. Isabella Casillas Guzman, the leader of the SBA, recently visited several businesses in Koreatown that have received help from the federal government and continue to rely on it to stay afloat.
During her visit, Guzman, accompanied by Representative Jimmy Gomez, discussed the importance of small businesses gaining access to federal funds and programs aimed at supporting and nurturing their growth. Guzman highlighted the Biden administration’s Investing in America program, which aims to provide small business owners with the financial resources necessary for their survival.
Throughout the pandemic, small businesses have relied heavily on various forms of government support, including financial aid from federal, state, and local governments. However, the focus now is on ensuring that these businesses can access affordable capital not only to overcome challenges but also to seize new opportunities.
One local establishment that has benefitted from SBA assistance is the Knowles Karate Academy. The business was able to stay afloat during the difficult times thanks to financial support from the SBA and the Payment Protection Plan. Co-owner Michael Knowles explained that the money received was their financial lifeline and enabled them to continue providing their services to students, even if they were unable to pay.
The impact of small businesses on the overall economy cannot be ignored. In July, US employers added 187,000 jobs, and many of these were created by small businesses. With the national unemployment rate currently standing at 3.5%, these businesses have played a vital role in sustaining economic growth and job creation.
For aspiring entrepreneurs looking to start their own businesses, the SBA’s website serves as a valuable resource. It provides all the necessary information on starting a business, accessing loans and grants, and even connects individuals with mentors who can offer guidance and support.
In conclusion, small businesses in Koreatown have found a lifeline in the form of the SBA during these challenging times. The federal government’s support has been crucial in enabling these businesses to survive and thrive. With continued access to affordable capital and resources, small businesses can overcome obstacles and seize opportunities, contributing to economic growth and job creation. The SBA remains committed to supporting these businesses, ensuring that they have the necessary tools to thrive in an ever-changing business landscape.
