SBA Boosts Inner-City Entrepreneurs

The Small Business Administration is teaming up with the Initiative for a Competitive Inner City to help urban entrepreneurs get the loans they need to get their businesses off the ground. Right now, the program is still being designed, but it will run in 10 cities in low-income areas across the country. Though small biz accounts for 80 percent of total employment in inner cities, job growth rates in those areas are below average. "We believe bolstering entrepreneurial success in these areas will generate new jobs, attract investment and provide a more sustainable economic base in distressed areas," said Steven Preston, SBA administrator. In addition, SBA plans to make its Community Express loan program easier to use and direct it toward low-income areas.