The Rapid City campus of Black Hills State University played host to a gathering of key figures from the US Small Business Administration (SBA) and local entrepreneurs. With the global economy still reeling from the effects of the COVID-19 pandemic, there was much to discuss in terms of how small businesses can adapt and thrive in this new landscape.
One of the main topics of conversation centered on the changing international business scene, with attendees sharing their insights on how to navigate these challenges. Among those present was Dilawar Syed, the deputy administrator of the SBA, who expressed optimism about the recovery of the economy. He pointed out that funding is beginning to return to pre-pandemic levels and that growth is occurring once again. However, he also emphasized that it is important for communities that were hit hardest by the pandemic – such as rural areas and black-owned businesses – to receive support.
In South Dakota, there has been a specific focus on supporting indigenous-owned businesses. Syed noted that only a small percentage of small businesses in the country are Native American-owned, which means there is a need for increased resources and support for these businesses. President Biden has made equity and investing in these communities a priority, and Syed highlighted the role that community development financial institutions (CDFIs) play in supporting Native-owned businesses. There is only one CDI located in Rapid City, so it will be important for these organizations to work together if they want to see Native-owned businesses succeed.
SBA officials reported that their lending to Native-owned businesses has more than doubled year-over-year, which is encouraging news for those looking to start or grow a business in this area. Syed stressed the importance of outreach and providing assistance with building a business, promoting financial literacy, and helping companies build strong teams. By investing in these communities early on and providing support where it’s needed most, SBA officials hope to make a positive impact on the growth and success of Native-owned businesses throughout South Dakota.
