he Small Business Administration is working to tackle wealth inequality through a new strategic alliance with historically-black fraternities and sororities.
The agency announced the Strategic Alliance Memorandum with the National Pan-Hellenic Council of Presidents, composed of nine historically black fraternities and sororities (sometimes referred to as the “Divine Nine”), on Tuesday with the aim of building equity and introducing underserved communities to SBA’s resources and loan products.
“This historic alliance between the SBA and the NPHC — the first of its kind for a government agency — will bring SBA’s valuable small business resources into reach for many small businesses and entrepreneurs, furthering the Biden-Harris Administration’s commitment to build equity and close historic wealth gaps that have held back America’s Black entrepreneurs, small business owners and their families and communities for generations,” said SBA Administrator Isabel Guzman in a press release. “Working alongside partners and allies within the Divine Nine will provide even greater reach for the SBA to better provide the highly entrepreneurial Black community access to networks, financial literacy, technical training, and capital readiness so they can successfully realize their American Dreams of business ownership, create jobs, and advance our economy.””
SBA noted in its release that its ability to enter into such alliances is unique among federal agencies, and helps it connect with millions of sorority and fraternity members across the country.