[MUSIC] >> Bonnie Erbe: HELLO.

I AM BONNIE ERBE.

WELCOME TO "TO THE CONTRARY", WEEKLY DISCUSSION OF NEWS AND SOCIAL TRENDS FROM DIVERSE PERSPECTIVES.

OUR WOMAN THOUGHT LATER THIS WEEK IS ISABELLA GUZMAN, THE SMALL BUSINESS ADMINISTRATOR.

THIS AGENCY IS INCREDIBLY IMPORTANT FOR WOMEN WHO OWN A MAJORITY OF SMALL BUSINESSES.

WELCOME, ADMINISTRATOR GUZMAN.

>> Isabella Casillas Guzman: IT'S MY PLEASURE TO BE HERE WITH YOU.

>> Bonnie Erbe: WHY IS IT THAT WOMEN OWN MORE SMALL BUSINESSES THAN MEN?

BUT YET THEY ALWAYS SEEM TO STAY INCREDIBLY SMALL.

THEY JUST DON'T GET AS LARGE AS MALE ON BUSINESSES.

>> Isabella Casillas Guzman: IT'S INCREDIBLE, THE SPIRIT, THE ENTREPRENEURIALISM THAT WE SEE ACROSS OUR WOMEN FOUNDERS.

YOU KNOW, I THINK THEY ARE SEEKING OPPORTUNITY.

SO OFTEN TIMES, ESPECIALLY DURING CRISES AND RECESSIONS LIKE THIS, THE GREAT RECESSION PREVIOUSLY, RATHER, LIKE THE ECONOMIC CRISIS THAT WE ARE IN NOW AS A RESULT OF COVID-19 PANDEMIC, YOU SEE WOMEN SEEKING OPPORTUNITY.

AND I THINK THAT THAT IS THE BOTTOM LINE AND THAT IS WHAT, YOU KNOW, DEFINED SO MANY OF OUR GREAT ENTREPRENEURS.THEY HAVE THIS DRIVE AND THIS HOPE TO BUILD WEALTH FOR THEIR FAMILIES AND CREATE A BETTER COMMUNITY.

YOU KNOW, DEFINED OUR MAIN STREETS WITH GREAT BUSINESSES OR SOLVE LOCAL PROBLEMS.

AND SO, THAT'S WHY SO MANY OF OUR WOMEN ARE ENTERING, YOU KNOW, THE ENTREPRENEURSHIP OPPORTUNITY IN SEEKING THOSE, THOSE GROWTH OPPORTUNITIES FOR THEIR FIRMS.

BUT SO OFTEN BASED ON THOSE HISTORIC BARRIERS THAT WOMEN HAVE FACED, THEY HAVE CHALLENGES IN GETTING THE CAPITAL MAYBE THAT THEY NEED TO START AND GROW OR TO ENTER SOME OF THE MARKETPLACES.

AND SO, THAT'S ACTUALLY, YOU KNOW, WHAT SBA IS ALL ABOUT.

WE HAVE TO CELEBRATE THE GREAT GAINS WE HAVE MADE.

I MEAN, IT'S BEEN 101 YEARS SINCE WOMEN HAVE EARNED THE RIGHT TO VOTE A BIG STEP FORWARD FOR EQUALITY.

THE WOMEN OF COLOR HAD TO WAIT FOR THE, BUT WE NOW HAVE THE FIRST WOMAN OF COLOR VICE PRESIDENT, KAMALA HARRIS SERVING ALONGSIDE PRESIDENT BIDEN.

AND, YOU KNOW, TOGETHER THEY HAVE MADE EQUITY, GENDER AND RACIAL EQUITY A TOP PRIORITY FOR THE ADMINISTRATION.

AND SO, WITHIN THE SBA, OF COURSE, THAT FIGHT FOR EQUALITY IS STRONG, BECAUSE WE SEE, YOU KNOW, WOMEN STARTING BUSINESSES AT SUCH HIGH RATES AND IN NEED OF SOME EQUITY ACROSS CAPITAL ACCESS AND MARKET ACCESS.

>> Bonnie Erbe: NOW, WHEN WE LOOK AT THE GENDER PAY GAP, FOR EXAMPLE, WHITE WOMEN TURN SOMETHING LIKE $0.32 ON THE DOLLAR, I BELIEVE IT IS, FOR WHAT MAN -- I'M SORRY, I MAY HAVE REVERSED THAT.

60 SOMETHING CENTS ON THE DOLLAR FOR WHAT MEN MAKE, AND FOR AFRICAN-AMERICAN WOMEN, IT'S ALMOST IN THE SINGLE DIGITS.

TELL ME HOW THAT IS ABOUT BUSINESS OWNERSHIP, WHAT PERCENTAGE OF SMALL BUSINESSES ARE OWNED BY WHITE WOMEN, WOMEN OF COLOR, AND WOMEN OF DIFFERENT ETHNICITIES.

>> Isabella Casillas Guzman: WE SEE THAT THERE ARE STRONG RATES OF WOMEN ENTREPRENEURSHIP BROADLY, BUT THAT WERE RECENTLY WOMEN OF COLOR ARE STARTING RATES AT THE HIGHEST LEVELS THAN EVER BEFORE.

ACTUALLY, FOR THE POSSIBLE YEARS.

AND SO, YOU SEE THOSE GAPS DECREASING, BUT IT'S STILL -- THEY STILL HAVE A LONG WAY TO GO.

SO I KNOW THAT IN TERMS OF OUR BLACK AND HISPANIC AND ASIAN FOUNDERS, YOU KNOW, THEY ARE ALL SEEKING OPPORTUNITY AND ALONG WITH WOMEN, THEY CONTINUE TO FACE THOSE CHALLENGES TO GROW.

BUT WITH THE, YOU KNOW, ENTREPRENEURSHIP IS A GREAT EQUALIZER IN TERMS OF BUILDING WEALTH, I THINK THE SBA IS POISED TO TRY TO POSITION THESE WOMEN TO ACTUALLY, YOU KNOW, REACH MORE PARITY IN TERMS OF THEIR JOB CREATION AND THE REVENUE GROWTH IN THE ECONOMY WHICH WOULD OF COURSE BENEFIT ALL OF US, TO SEE ALL OF OUR BUSINESSES BE ABLE TO REACH THEIR FULL POTENTIAL AND STRENGTHEN OUR GLOBAL COMPETITIVENESS.

>> Bonnie Erbe: SMALL BUSINESSES ARE THE, AS WE ALL KNOW, THE GREATEST JOB CREATORS IN THIS COUNTRY.

HOW DO WOMEN-OWNED SMALL BUSINESSES FIGURE IN?

AND WHAT IS THE AVERAGE SIZE IN TERMS OF EMPLOYEES OF A WOMAN-OWNED BUSINESS IN THIS COUNTRY?

>> Isabella Casillas Guzman: THE MAJORITY OF WOMEN ARE SMALL , THE SMALLEST OF THE SMALL.

YOU KNOW, 20 AND UNDER EMPLOYEES FOR SURE.

MAJORITY, YOU KNOW, SO PROVIDERS AS WELL.

MANY OF THEM HIT THAT GLASS CEILING OF $1 MILLION IN REVENUES FOR THEIR FIRMS.

AND SO, IT'S A VERY SMALL PERCENTAGE WHO ACTUALLY ARE ABLE TO OVERCOME THOSE BARRIERS AND BE ABLE TO FULLY TAKE ADVANTAGE OF MARKET OPPORTUNITIES.

YOU KNOW, THAT'S THE CHALLENGE, AND I THINK THAT, YOU KNOW, WHETHER WAS THE HISTORIC BARRIERS OR SOME ADDITIONAL TECHNICAL ASSISTANCE THAT IS REQUIRED, I MEAN, WE TEND TO SEE THAT, YOU KNOW, WHILE WOMEN HAVE STRONG PERFORMANCE IN THEIR VENTURES, THEY ARE NOT ABLE TO ACCESS THE VENTURE CAPITAL AT HIGH RATES AS THEIR PEERS IN THE MALE, YOU KNOW, MALE FOUNDER WORLD.

SO I DO THINK THAT IF WE START TO LOOK AT THE ACTUAL PERFORMANCE NUMBERS, YOU KNOW, MORE THAN BRINGING IN SOME OF OUR BIASES OR SOME OF OUR HISTORIC BARRIERS THAT MAY EXIST AROUND WEALTH CREATION FOR OUR WOMEN OF COLOR, FOR EXAMPLE, THEN WE CAN START TO SEE MORE PARITY IF WE ARE JUST TRYING TO LOOK OUT FOR GREAT OPPORTUNITIES.

AND I THINK AS WE ARE SEEING THE MARKET STRENGTH OF, YOU KNOW, THE WOMEN WHO ARE FOUNDERS OUT THERE CREATING AND SOLVING FOR GAPS IN THE MARKETPLACE THAT MAYBE THERE MALE PEERS ARE MISSING, YOU KNOW, IN SEEING THOSE VENTURE CAPITALISTS WHO ARE WILLING TO INVEST IN THEM, TAKE ADVANTAGE OF THOSE OPPORTUNITIES, I THINK YOU WILL START TO SEE MORE INVESTMENT!

IN FACT, ACROSS OUR SMALL BUSINESS INVESTMENT COMPANIES, YOU KNOW, THE SBA HAS MULTIPLE PROGRAMS FOR WOMEN FOUNDERS, OF COURSE, OUR TRADITIONAL CAPITAL PROGRAMS, OUR TECHNICAL ASSISTANCE PROGRAMS.

WE HAVE OVER -- I HAVE 136 WOMEN BUSINESS CENTERS THAT ARE ESPECIALLY TAILORED TO SUPPORT WOMEN WITH TECHNICAL ASSISTANCE AND CAPITAL ACCESS AND MARKET ACCESS.

BUT IN PARTICULAR WITH OUR SMALL BUSINESS INVESTMENT COMPANIES, WE ARE TRYING TO NARROW THOSE GAPS OF INVESTMENT AND WOMEN FOUNDERS AND DEFINITELY TRYING TO INCENTIVIZE DIVERSITY ACROSS OUR SMALL BUSINESS INVESTMENT COMPANIES.

WE FUND THE LARGEST, YOU KNOW, LOWER MIDDLE MARKET FUND TO FUND AND WE WANT TO EXPAND THOSE OPPORTUNITIES.

AND THE PRESIDENTS BUILD BACK BETTER AGENDA THERE INCLUDES SOME KEY INVESTMENTS IN SBA'S PROGRAMS AROUND FINANCING, LENDING, INVESTMENT.

>> Bonnie Erbe: CAN GO INTO A LOT OF DETAIL ABOUT THAT?

YOU ARE OF COURSE APPOINTED BY PRESIDENT BIDEN.

HOW DOES HE WANT TO CHANGE THINGS?

AS WE KNOW, HE'S JUST -- DIVERSITY IS A MUCH MORE IMPORTANT ISSUE TO HIM THAN IT WAS FOR THE TRUMP ADMINISTRATION.

HOW DOES THAT CHANGE?

WHAT HAPPENS AT THE SMALL BUSINESS ADMINISTRATION?

>> Isabella Casillas Guzman: WELL, WE SELL IT IMMEDIATELY IN TERMS OF THE INVESTMENTS AND COMMITMENT IN EQUITY, YOU KNOW, WITH THE AMERICAN RESCUE PLAN AND THE EFFORTS TO TRY TO ENSURE THAT WE ARE BUILDING AN ECONOMY THAT WORKS FOR ALL OF OUR ENTREPRENEURS, BECAUSE HE AS HE SAYS, IDEAS COME FROM AND EVERYWHERE AND ANYWHERE.

AND YOU NOW, WITHIN THE AMERICAN RESCUE PLAN, WE HAD KEY PROGRAMS TO TRY TO SUPPORT DIVERSITY, OF COURSE, OUR IMMEDIATE GRANT PROGRAMS LIKE THE RESTAURANT REVITALIZATION FUND WHERE WE PRIORITIZED OUTREACH FOR WOMEN VENTURES AS WELL.

AND THEN, YOU KNOW, MOST IMPORTANT, I THINK THE COMMUNITY NAVIGATORS PILOT PROGRAM, WHICH IS ESPECIALLY FOCUSED ON THOSE UNDERSERVED ENTREPRENEURS INCLUDING WOMEN WHO HAVE -- YOU NEED THAT EXTRA CONNECTION FOR RESOURCES AND WE NEED TO BUILD BETTER BRIDGES TO THOSE COMMUNITIES.

AND SO, THE SBA IS GOING TO PARTNER WITH TRUSTED COMMUNITY ORGANIZATIONS THAT CAN REACH WOMEN AND PEOPLE OF COLOR AND VETERANS IN RURAL COMMUNITIES WITH AUTHENTIC LOCAL VOICES AND CONNECT THEM TO EITHER SBA'S RESOURCES OR ANY FEDERAL RESOURCES AS WELL AS SOME STATE AND LOCAL PROGRAMS.

AND SO, FROM THE VERY GET-GO, WE HAVE BEEN REALLY TRYING TO FOCUS ON THOSE DIVERSE FOUNDERS, EVEN WITHIN THE PAYCHECK PROTECTION PROGRAM.

WE RECEIVED OVER 96 PERCENT OF THE LOANS, FORGIVABLE LOANS FUNDED INTO 2021 OR TWO SMALLER VENTURES, YOU KNOW, 20 AND UNDERWEAR SAID THAT THOSE UNDERSERVED INSTANCES DOMINATE, REALLY TRYING TO HELP SUPPORT THOSE BUSINESSES ACCESS RESOURCES.

AND THEN NOW WITHIN THE PRESIDENT'S WATER BILL BACK BETTER AGENDA, THE INVESTMENTS AT THE SBA TO STRENGTHEN ENTREPRENEURSHIP AND SMALL BUSINESS SUPPORT ARE GOING TO BE FOCUSED ON MAKING SURE THAT THE UNDERSERVED BUSINESSES ARE INCLUDED IN OUR PROGRAMS.

AND SO, ACROSS OUR CAPITAL PROGRAMS, WE WILL, YOU KNOW, CREATE PROGRAMS THAT WILL BETTER SUPPORT UNDERSERVED COMMUNITIES, AS WELL AS WITHIN OUR INNOVATION, SPACE ACCELERATORS, AS WELL AS IN THE GOVERNMENT CONTRACTING SPACE AND THE TECHNICAL ASSISTANCE AROUND THOSE PROGRAMS.

SO THERE'S SOME REALLY KEY OPPORTUNITIES TO HELP THESE BUSINESSES ACTUALLY THRIVE AND OVERCOME SOME OF THOSE HISTORIC BARRIERS AND THOSE, YOU KNOW, THOSE LIMITATIONS THAT RESTRICT THEM TO THAT MILLION DOLLAR REVENUE MARK.

>> Bonnie Erbe: I AM COMING TO YOU AS A SMALL BUSINESS ENTREPRENEUR.

YOU ARE TALKING ABOUT COMMUNITY ORGANIZERS.

TELL ME, HOW DO I GET ACCESS TO A LOAN APPLICATION FROM THE SBA?

WHAT DO I -- WHERE ONLINE DO I GO?

>> Isabella Casillas Guzman: THE SBA IS PROBABLY ONE OF THE OLDEST AND ONE OF THE BEST PUBLIC-PRIVATE PARTNERSHIPS.

WE WORK WITH A NETWORK OF LENDERS ACROSS THE COUNTRY ON OUR CORE LENDING PROGRAMS, AND THOSE INCLUDE BANKS, THE CREDIT UNIONS, THE COMMUNITY BANKS, AS WELL AS THE COMMUNITY FINANCIAL INSTITUTIONS.

AND SO, VISITING SBA.GOV AND CONNECTING ONE OF OUR, WITH ONE OF OUR LOCAL PARTNERS, EITHER DISTRICT OFFICES OR RESOURCE PARTNERS LIKE THE WOMEN'S BUSINESS CENTERS, IS OFTEN TIMES THE FIRST STEP BECAUSE THEY CAN HELP YOU PREPARE TO GET CAPITAL READY.

AND THEN WE ALSO HAVE ON OUR WEBSITE, SBA.GOV, CONNECTIONS TO CAPITAL THROUGH THIS GREAT TOOL CALLED LENDER MATCH WHERE YOU CAN ACTUALLY FIND A LENDER THAT CAN MATCH TO YOU.

SO ONCE YOU ARE MATCHED OR YOU GO DIRECTLY TO ANY OF THESE LENDERS, SBA IS A GREAT OPTION THAT TRIES TO FILL MARKET GAPS WITH PRODUCTS THAT ARE GUARANTEED BY THE FEDERAL GOVERNMENT, SO SMALL BUSINESSES CAN GET CAPITAL THAT THEY NEED TO GROW.

AND WITHIN THE BILL BACK BETTER AGENDA, WE WANT TO TRY TO STRENGTHEN THAT SO THAT WE CAN DEVELOP DIRECT LENDING PROGRAMS FOR WHEN THE MARKET GAPS ARE REALLY STRONG IN THE 150,000 AND UNDER SMALL DOLLAR RANGE.

AND SO, WE ARE GOING TO CONTINUE TO EVOLVE AND HOW WE SERVE SO THAT AS SMALL BUSINESSES TRYING TO NAVIGATE ALL OF THOSE RESOURCES OUT THERE AND COME TO THE SBA AS A TRUSTED PARTNER.

>> Bonnie Erbe: WHY IS IT THAT -- OBVIOUSLY ACCESS TO CAPITAL IS CRITICAL FOR ALL BUSINESSES.

IF YOU CANNOT GET ALONG WHEN HE STARTED BUSINESS, YOU WILL NOT BE ABLE TO GROW IT VERY LARGE UNLESS YOU HAPPEN TO BE WEALTHY AND CAN PUMP A LOT OF EQUITY INTO THE COMPANY AND POSSIBLY LOSE IT.

SO WHY IS IT THAT MEN STILL IN THIS DAY AND AGE, MALE ENTREPRENEURS STILL HAVE BETTER ACCESS TO CAPITAL THAN WOMEN?

>> Isabella Casillas Guzman: I THINK ACROSS THE LANDING PORTFOLIO, THERE ARE SOME HISTORIC BARRIERS, NOT JUST FOR PEOPLE OF COLOR, BUT ALSO FOR WOMEN.

MAYBE THEY DON'T HAVE THE WEALTHY ASSETS TO USE AS COLLATERAL.

YOU KNOW, MAYBE THERE'S CHALLENGES IN TERMS OF HOW THEY ARE PRESENTING THEMSELVES AND THAT'S WHY OUR WOMEN'S BUSINESS CENTERS ARE SO GREAT, BECAUSE THEY WORK SPECIFICALLY CUSTOMIZED TO WOMEN ENTREPRENEURS TO MAKE SURE THAT THEY ARE CAPITAL READY AND KNOW HOW TO APPROACH THESE LENDERS OR CONNECT WITH THE LENDERS WHO ARE COMMITTED TO SUPPORTING WOMEN ENTREPRENEURS.

AND SO, I THINK THERE'S DEFINITELY STRATEGIES HOW TO GET CAPITAL READY AND THAT APPLIES TO VENTURE OR TRADITIONAL LOANS OR INVESTMENT CAPITAL AND PRIVATE EQUITY.

SO ACROSS THE BOARD, WE ARE JUST TRYING TO POSITION THESE WOMEN TO BE READY FOR THAT.

BUT THERE ARE JUST HISTORIC BIASES THAT MULTIPLE STUDIES HAVE REFERENCED SHOWING THAT, YOU KNOW, THE INVESTORS THEMSELVES ARE MISSING OUT ON OPPORTUNITY BY GOING WITH WHAT THEY THINK WILL BE A SUCCESSFUL VENTURE, NOT REALLY OPENING TO THE POSSIBILITIES OF WHAT THESE WOMEN FOUNDERS ARE CREATING AND DOING.

SO THERE'S A DEFINITE MARKET INEFFICIENCY OUT THERE JUST ACROSS OUR INVESTOR BASE.

>> Bonnie Erbe: ARE THE LAWS AGAINST DISCRIMINATION ON THE BASIS OF GENDER OR RACE IN TERMS OF LENDING TO START UP BUSINESSES?

>> Isabella Casillas Guzman: OH, YES, OF COURSE.

IT'S JUST MORE MATTER OF POSITIONING THESE BUSINESSES, YOU KNOW, FOR SUCCESS IN MAKING SURE THAT THEY ARE ABLE TO PURSUE AND BE DILIGENT ABOUT GOING AFTER THAT CAPITAL.

SO I THINK IT'S JUST SOME OF THESE, YOU KNOW, HISTORIC BIASES THAT AREN'T INTENTIONAL AT ALL.

SO THAT'S WHAT WE HAVE TO OVERCOME BY CONTINUING TO ELEVATE THESE SUCCESSFUL FEMALE ENTREPRENEURS IN OUR MIDST AND SHOW, YOU KNOW, THE SUCCESSES THAT WE HAVE ACROSS OUR PROGRAMS, WHICH I THINK MORE AND MORE, ESPECIALLY DURING COVID WHERE WE HAVE SEEN IMPACTS ON FEMALE ENTREPRENEURS IN PARTICULAR AND PEOPLE OF COLOR ACROSS THE BOARD, WOMEN, RATHER, ACROSS THE BOARD, WE NEED TO MAKE SURE WE PAY SPECIAL ATTENTION TO REMOVE SOME OF THOSE HISTORIC BIASES OR BARRIERS.

>> Bonnie Erbe: AND LET ME JUST BE CLEAR: WHEN I SAY WOMEN, I MEAN WOMEN OF ALL COLORS.

I DON'T JUST MEAN WHITE WOMEN.

BUT, YOU KNOW, WOMEN OF ALL CULTURES, ETHNICITIES, LGBTQ, WHITE WOMEN.

BUT, YOU KNOW, WOMEN OF ALL CULTURES, ETHNICITIES, LGBTQ, ETC.

ARE THERE CERTAIN KINDS OF WOMEN WHO, YOU KNOW, CERTAIN CATEGORIES OF WOMEN DEMOGRAPHICS WHO FACE MORE DISCRIMINATION WHEN TRYING TO START UP SMALL BUSINESSES THAN OTHER WOMEN DO?

>> Isabella Casillas Guzman: YEAH.

I THINK THAT'S LAID OUT IN THE RESEARCH THAT'S OUT THERE, ESPECIALLY AROUND PPP.

AS AN EXAMPLE, WE SAW THAT PEOPLE OF COLOR HAVE MORE DISPARITY AND ACCESSING PPP AT ALL OR AT THE LEVELS THAT THEY, YOU KNOW, BELIEVE THAT THEIR FIRM IS ELIGIBLE FOR.

SO I DO THINK THAT WOMEN OF COLOR HAVE THOSE CHALLENGES ALONG WITH ALL PEOPLE OF COLOR THAT THEY HAVE TO FACE, AS WELL AS JUST SOME HISTORIC WEALTH DISPARITIES THAT EXIST, YOU KNOW, THAT LIMIT THEIR ACCESS TO THOSE OPPORTUNITIES INTO THOSE CAPITAL PROGRAMS OUT THERE FOR THEM.

SO THAT'S DEFINITELY A FACTOR.

YOU KNOW, I THINK THAT'S WHY WE ARE TRYING TO MAKE SURE THAT WE ARE REPRESENTING AND REACHING OUT TO ALL OF OUR GREAT ENTREPRENEURS, TO MAKE SURE THAT THEY CAN CONNECT TO THOSE RESOURCES AND PREPARE THEMSELVES AND FEEL COMFORTABLE IN THE ENVIRONMENT.

WE THINK THAT ENTREPRENEURS GET KNOCKED DOWN AND YOUR ABILITY TO KEEP ON GETTING UP AND PURSUE AND PURSUE AND, YOU KNOW, NO MATTER HOW MANY NOSS YOU MAY GET, I THINK ACROSS THE BOARD ALL ENTREPRENEURS FACE THOSE NOS, MULTIPLE KNOWS.

JUST TO THOSE ARMING THE ENTREPRENEURS WITH THOSE RESOURCES IS THAT THEY KNOW THEY ARE MULTIPLE OPTIONS OUT THERE FOR THEM AND KEEP ON PURSUING THEIR DREAMS.

>> Bonnie Erbe: PRESIDENT BIDEN HAS BEEN QUOTED AS SAYING THAT THOSE WORST HIT ECONOMICALLY BY COVID HAVE BEEN WOMEN.

YOU KNOW, MANY MILLIONS OF WOMEN WHO WERE IN THE WORKFORCE WERE KNOCKED OUT, THEY EITHER LOST JOBS OR HAD TO GIVE THEM UP BECAUSE THEY LOST CHILDCARE, ACCESS TO CHILDCARE.

AND SO, WOMEN ARE NOT DOING AS WELL AS THEY WERE, EVEN THOUGH MANY NEW JOBS HAVE BEEN CREATED OR AT LEAST FOR A WHILE HAVE BEEN CREATED WERE IN AN INTERSTITIAL PERIOD RIGHT NOW ARE WE DON'T KNOW WHICH WAY THE COVID IS GOING.

ARE WE GOING BACK INTO ANOTHER PANDEMIC OR ARE WE, YOU KNOW, IS IT STILL GOING TO BE FAIRLY LIMITED, THE NUMBER OF AMERICANS WHO COME DOWN WITH COVID?

BUT HOW DO YOU SEE WOMEN AND STARTING SMALL BUSINESSES, PARTICULARLY WOMEN OF COLOR, POST THE MAJOR PART OF THE PANDEMIC, WHERE WE ARE RIGHT NOW?

>> Isabella Casillas Guzman: WE KNOW THAT WE'VE HAD TO SPREAD IMPACT.

THEY'VE EITHER BEEN FORCED OUT OF THE WORKFORCE OR HAD TO CLOSE THEIR BUSINESSES.

IN MANY CASES, YOU KNOW, THEY STRUGGLED TO FEED THEIR FAMILIES AND KEEP A ROOF OVER THEIR HEADS IN MANY CASES.

I KNOW ACROSS THE BOARD, ALL WOMEN HAVE REALLY HAD TO FACE THIS CHALLENGE OF FINDING QUALITY AFFORDABLE CHILDCARE.

THEY END UP BALANCING WORK OR BUSINESS AND WERE NOT REACHING THEIR FULL POTENTIAL FROM THAT PERSPECTIVE.

IT'S A LOT TO JUGGLE.

AND SO, THAT'S WHY THESE INVESTMENTS, YOU KNOW, THROUGH THE AMERICAN RESCUE PLAN AS WELL AS IN THE BILL BACK BETTER AGENDA, AND OUR COMMITMENT TO QUALITY CHILDCARE IS SO IMPORTANT FOR WOMEN ENTREPRENEURS, BECAUSE I THINK THAT THAT IS WHAT BECAME CLEAR AS WELL, THAT THAT IMPACT HAS AFFECTED THEIR ABILITY TO PURSUE THEIR DREAMS OR REMAIN IN THE WORKFORCEND I KNOW THAT DESPITE THAT, THOUGH, WE ARE STILL SEEING THE HIGHER RATES OF ENTREPRENEURSHIP AMONGST WOMEN AND PEOPLE OF COLOR.

SO IT'S BOTH, YOU KNOW, THERE HAS BEEN SOME OPPORTUNITY OUT THERE FOR BUSINESSES.

IN FACT, NO WE RECEIVED MORE THAN A MILLION NEW APPLICATIONS, BUSINESS APPLICATIONS THIS YEAR VERSUS 2020 THIS IS THE PREVIOUS YEAR.

YOU HAVE ALREADY SEEN THOSE INCREASES STARTING TO HAPPEN AND WILL STILL SEE THE NUMBERS WHEN THIS IS OVER BY 2021.

BUT I DO THINK THAT THERE IS OPPORTUNITY FOR WOMEN ENTREPRENEURS OUT THERE.

HOPEFULLY AS WE CONTINUE TO BE DILIGENT ABOUT FIGHTING COVID-19 AND MAKE THESE INVESTMENTS IN OUR HEALTHCARE AND PREVENTION WITH VACCINATION, SHOTS IN ARMS, THAT WE CAN SEE OUR BUSINESSES RECOVER AND SEE MANY OF OUR WOMEN BEING ABLE TO GO BACK TO WORK WITH AFFORDABLE CHILDCARE.

>> Bonnie Erbe: IS THERE AN AGE DIFFERENCE IN TERMS OF WOMEN'S ENTREPRENEURIALISM?

IT JUST STRIKES ME AS -- I WAS VERY ENTREPRENEURIAL FOR MY TIME, BUT IT SEEMS LIKE THE MILLENNIALS AND THE JENS X AND Y, ARE EVEN MORE ENTREPRENEURIAL THAN BOOMERS WERE FOR SURE.

IS THAT TRUE, YOUNG WOMEN ARE MORE LIKELY TO GO OUT RATHER THAN SPEND A LOT OF TIME WORKING FOR ANOTHER SMALL BUSINESS, GO OUT AND START THEIR OWN THAN THEY WERE, 20, 40 YEARS AGO?

>> Isabella Casillas Guzman: THAT'S A REALLY INTERESTING QUESTION, AND I HAVE NOT BEEN AWARE OF ANY SIGNIFICANT AGE DISCREPANCY.

BUT IN FACT, WE HAVE A STRONG PARTNERSHIP, YOU KNOW, WITH THE SECOND ACT TYPE OF ENTREPRENEURS.

YOU KNOW, CONTINUE TO TRY TO WORK, BECAUSE ENTREPRENEURSHIP IS ACTUALLY COULD BE WOMEN EXITING CORPORATE CAREERS, SUCCESSFUL CORPORATE CAREERS AND DECIDING TO LAUNCH THEIR BUSINESS.

MAYBE DAVE REACHED THEIR HIGHEST POTENTIAL IN THE CORPORATE WORLD.

AND SO, THERE'S THOSE TYPES OF ENTREPRENEURS AS WELL AS SECOND ACT ENTREPRENEURS AND THE YOUNGER FOUNDERS AS WELL.

SO MY UNDERSTANDING IS ACROSS THE BOARD, BUT IT DOES FEEL EXCITING THAT YOU CONTINUE TO SEE IN THE SCIENCE BASED IN TECHNOLOGY BASIS, INNOVATIVE AND TECHNOLOGY-BASED STARTUPS, YOU CONTINUE TO SEE TRENDS OF PROGRESS IN THE VENTURE-CAPITAL SPACE AND SUPPORTING WOMEN FOUNDERS.

>> Bonnie Erbe: DO YOU DEAL SPECIFICALLY WITH TECH STARTUPS?

>> Isabella Casillas Guzman: THE SBA DOES BOTH.

WE DO THE EVERYDAY BUSINESSES, OUR MAIN STREET, OUR MANUFACTURERS, AND TO THE INNOVATIVE IN TECHNOLOGY, SCIENCE-BASED STARTUPS.

WE HAVE A STRONG PROGRAM THAT WE HELP POWER AT THE FEDERAL LEVEL CALLED THE SMALL BUSINESS INNOVATION RESEARCH GRANTS AND ITS COMPANION, STATE TECHNOLOGY TRANSFER.

RESEARCH GRANTS WERE BRIEF SUPPORT ENTREPRENEURS -- THESE ENTREPRENEURIAL IDEAS AT THE VERY BEGINNING OF ITS INCEPTION.

VERY SEE CAPITAL TO HELP THEM CREATE THEIR IDEA AT THE VERY BEGINNING.

AND THOSE RESEARCH DOLLARS THE FEDERAL GOVERNMENT SPENDS, THERE'S A SET ASIDE FOR SMALL BUSINESSES TO PARTICIPATE AND GET THOSE NON-DILUTIVE FUNDING.

DSP HAS BEEN REALLY COMMITTED TO TRY TO EXPAND THE REACH AND BUILD BRIDGES TO THOSE UNDERSERVED COMMUNITIES AND WOMEN AND PEOPLE OF COLOR, VETERANS, AND REMOTE COMMUNITIES AS WELL SO THAT WE CAN SPUR THOSE IDEAS FURTHER AND BEST IN THESE SOLUTIONS FOR GLOBAL PROBLEMS.

>> Bonnie Erbe: WHAT TYPES OF SMALL BUSINESSES ARE WOMEN LIKELY TO START THESE DAYS?

ARE THEY MORE LIKELY TO START SMALL BUSINESSES LIKE DAYCARE CENTERS, OR ARE THEY LIKELY, MORE LIKELY TO START WEBSITES WHERE THEY CAN SELL SOMETHING AND PERHAPS MAKE, YOU KNOW, HUGE AMOUNTS OF MONEY DOING SO?

I THINK OF MAKEUP, YOU KNOW, YOUNG WOMEN SELLING MAKEUP LINES, SEEMS LIKE A LOT OF THEM ARE IN THE NEWS FOR MAKING HUGE AMOUNTS OF MONEY, THAT SORT OF THING.

>> Isabella Casillas Guzman: YEAH.

THEY OVER INDEX IN SEVERAL INDUSTRIES.

I MEAN, THE TRADITIONAL RESTAURANTS, BUT AS WELL AS PROFESSIONAL SERVICES, YOU KNOW, AND ACROSS THE BOARD, RETAIL AND PRODUCT OFFERINGS.

I THINK YOU WILL FIND WOMEN ACROSS THE BOARD.

DISSIPATING IN SO MANY MARKETPLACES.

AND I THINK, YOU KNOW, DEFINITELY, WE ARE RECOGNIZING THE IMPORTANT VALUE AND THE SIZE OF SO MANY OF THESE MARKETPLACES THAT WOMEN HAVE IDEAS THAT THEY CAN BE SUCCESSFUL.

SO THE WHOLE PERSONAL CARE AND MAKEUP THAT'S BEEN HUGE INVESTMENTS RECENTLY IN TRYING TO REACH MORE WOMEN AND MORE DIVERSE WOMEN AS WELL AND SEE MOVEMENTS THERE AND SUPPORTING WOMEN FOUNDERS AS THEY CREATE THINGS THAT THEY WANT TO USE THEMSELVES, RIGHT?

BUT I DO THINK THAT'S WHERE WE WILL SEE PUBLICLY.

ACROSS THE BOARD I SEE FOUNDERS AND MANUFACTURING AND MAIN STREETS AND OF COURSE OUR INNOVATIVE STARTUPS.

>> Bonnie Erbe: AND WHEN THEY START THINGS LIKE NONTRADITIONAL BUSINESSES, WHICH ACTUALLY, I MEAN, I'VE HEARD ABOUT 70 WOMEN RUNNING CONSTRUCTION COMPANIES AND DEVELOPMENT, HOUSING DEVELOPMENT COMPANIES AND SO ON OVER THE LAST 20 YEARS, THAT IT'S NOT SUCH A, YES, THEY ARE STILL THE MINORITY IN THE FIELD, BUT THEY ARE THERE WHEREAS 40 YEARS AGO THEY WERE NOT EVEN THERE.

DO YOU EXPECT -- DID THEY DO AS WELL WHEN THEY START IN SO-CALLED NONTRADITIONAL INDUSTRIES FOR WOMEN AS WHEN THEY DO START SMALL BUSINESSES, CATERED TO WOMEN'S NEEDS?

LIKE DAYCARE, LIKE HOUSECLEANING, LIKE -- >> Isabella Casillas Guzman: I HAVE NOT SEEN DISPARITY STUDIES ON THAT THE INDUSTRY THAT YOU HAVE BETTER ODDS OF SUCCESS IN THE CERTAIN SECTOR.

I THINK THAT ACROSS THE BOARD, WE STILL SEE, YOU KNOW, LESS REVENUE, GENERATION AND JOB CREATION AGAINST OUR UNDERINSURED BUSINESSES.I WOULD SAY REGARDLESS, THERE ARE STILL THOSE CHALLENGES IN EVERY SECTOR.

BUT WE HOPE TO CONTINUE TO DOUBLE DOWN ON WOMEN ACROSS MULTIPLE FIELDS, ESPECIALLY WITH THESE INVESTMENTS IN INFRASTRUCTURE.

WE WENT TO SEE WOMEN CONTRACTORS IN THE MIX AND WINNING THESE CONTRACTS FROM THE FEDERAL GOVERNMENT AND STATE AND LOCAL PROJECTS.

AND SO, THERE'S A CONTINUED COMMITMENT AT THE SBA TO INVEST IN THAT MARKET ACCESS OPPORTUNITY FOR A SMALL BUSINESS AND MAKE SURE THAT OUR WOMEN ENTREPRENEURS ARE CONTRACT READY.

>> Bonnie Erbe: AND DO YOU EXPECT TO SEE 1/3 ROUND OF PPP, LOANS GOING OUT?

OR IS THAT OVER AND DONE WITH?

>> Isabella Casillas Guzman: YES, AT THIS POINT THE PPP PROGRAM IS CLOSED.

THERE IS NO STATUTORY AUTHORITY TO CONTINUE THAT.

THAT WOULD NEED TO BE AN ACT OF CONGRESS DEPENDING ON THE DIRECTION.

BUT WE HOPE WE CAN CONTINUE TO BATTLE COVID-19 AND HELP CREATE SAFER MAIN STREETS AND INDUSTRIAL CENTERS THAT OUR BUSINESSES CAN FULLY REOPEN AND REBUILD.

>> Bonnie Erbe: ALL RIGHT.

TERRIFIC.

THANK YOU SO MUCH.

I HAVE BEEN SPEAKING WITH ISABELLA GUZMAN, SMALL BUSINESS ADMINISTRATOR, ABOUT HER AGENCY, WHICH IS SO CRITICAL TO WOMEN'S FINANCIAL DEVELOPMENT AND WOMEN'S ULTIMATE FINANCIAL EQUALITY, BEING ABLE TO START AND KEEP SMALL BUSINESSES AND GROW THEM INTO LARGER BUSINESSES.

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