Here's an SBA initiative that's sure to take the food crisis and economic slump head on. The SBA is launching their new initiative, the Emerging 200, geared toward inner-city businesses that show a high potential for success. By learning to sustain themselves, these 200 selected businesses can increase their outreach and impact, generating new jobs, and attracting more investors to bring up the local economy.

The SBA is also working to improve small businesses' credit access in rural areas. The program offers inner-city businesses the opportunity to be mentored by peers and experts and to attend workshops and develop expansion strategies, all in hopes of assisting areas challenged by low-income and high unemployment rates.

The SBA and its partners are currently selecting participants, and the program is expected to last from May to December. Cities that have been selected for this initiative include Boston, Baltimore, Chicago, Los Angeles, New Orleans and Philadelphia. For a list of the rest of the cities, and to read more on the initiative's goals, click here.--Jessica Chen

"Nearly $1 trillion in contracts are available to veterans nationwide that are entrepreneurs," said Angela Shinn, assistant deputy director, Arizona Department of Veterans' Services, Veterans Business Advocate Group. The problem, Shinn said, is that many vets aren't aware of them.

At the Arizona Veterans' Small Business Conference, taking place on June 11 and 12, 2008, veterans will learn how to maximize contract procurement for their businesses. The conference, which will be held at the Fort McDowell Resort and Casino in Scottsdale, Arizona, will include discussions, workshops and seminars on networking, partnering and marketing your business. More details and registration information can be found on their website.

Another great resource is the Center for Veterans Enterprise (CVE). Their website not only lists upcoming events and conferences like the one above, but also provides basic tips and resources for starting a business, in addition to business coaching and franchise opportunities.--Whitney Chen

According to the Baltimore Business Journal , new legislation qualified businesses majority-owned by VC firms as eligible for the Small Business Innovation Research award. However, debate continues as non-VC-owned small businesses fear the SBIR grants will focus funding to a few, big companies.

In other Washington, DC news, a recent release from the U.S. Senate Committee on small businesses and entrepreneurship called for action to help small businesses feeling squeezed by the credit crunch. According to the Fed's quarterly survey, American banks have been stricter when it comes to lending to small businesses. Senator John Kerry proposed more legislation to help keep small businesses running with hopes that they will help boost the ailing economy.--Whitney Chen