Rapid City Black Hills State University campus was the location of a gathering between representatives from Washington, D.C. and entrepreneurs to discuss the ever-changing world of international business. Among the attendees was Dilawar Syed, the deputy administrator of the US Small Business Administration. Syed expressed his optimism about the economy’s recovery, stating that funding levels have returned to pre-pandemic levels and inflation is being controlled. However, he acknowledged the need to provide support to communities that were disproportionately affected by the pandemic, including rural communities and black-owned businesses.
The Biden administration has been focused on promoting equity in South Dakota, with a particular emphasis on supporting indigenous-owned businesses. Only a small percentage of the 33 million small businesses in the US are Native American-owned with employees, and more efforts are needed to provide support to these businesses. Syed emphasized the importance of investing in these communities early to help them thrive in the current economic environment.
The community development financial institution located in Rapid City plays a crucial role in mentoring and providing advice to Native-owned businesses. SBA officials reported a significant increase in lending to Native-owned businesses year-over-year, indicating a growing commitment to supporting these businesses. The focus on providing assistance, financial literacy, and mentorship to indigenous entrepreneurs reflects a broader effort to promote diversity and inclusion in the small business sector.
Syed and other SBA leaders are working hard to ensure that all communities, including those that have historically been marginalized, have access to the resources and support they need to succeed in the changing business landscape.
