Rapid City was the first stop on a nationwide tour for US Small Business Administration leaders, who visited to discuss the changing landscape of post-COVID business. At the Rapid City Black Hills State University campus, representatives from Washington, D.C., entrepreneurs and Dilawar Syed, deputy administrator of the US Small Business Administration gathered to talk about the evolving world of international business.
During their visit, Syed expressed optimism about the economy’s recovery, citing a return to pre-pandemic funding levels and controlled inflation. However, he acknowledged that more support was needed for communities that were disproportionately affected by the pandemic, including rural communities and black-owned businesses. In South Dakota, a focus is being placed on supporting indigenous-owned businesses, which only make up a small percentage of the 33 million small businesses in the US with employees. More efforts are needed to provide support to these businesses.
The Biden administration has been intentional about promoting equity and there are programs in place to assist underserved communities. Syed emphasized the importance of investing in these communities early to help them thrive in the current economic environment. He highlighted the presence of a community development financial institution in Rapid City which 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 reflects a broader effort to promote diversity and inclusion in the small business sector.
