The U.S. Department of the Treasury convened a roundtable today in Washington, D.C., bringing together representatives from various sectors to discuss support for small businesses. Attendees included financial institutions, technology providers, financial technology firms, small business associations, consumer advocacy groups, government agencies, Federal Reserve banks, and other stakeholders.
Discussions at the event focused on the current state of small business finance and the challenges faced by businesses owned by women and people of color. Participants also examined obstacles encountered by financial institutions in serving small businesses and explored potential solutions to bridge financing gaps.
Treasury officials led discussions on recent market developments affecting small business financing. Topics included the growth of nonbanks, rising interest rates, and emerging technologies such as artificial intelligence. Participants also discussed factors contributing to the decline in small business financing by banks and disparities in capital access across demographic groups. Potential policy reforms were considered as ways to address these issues.
The Treasury recently published a report indicating that small businesses have created over 70% of net new American jobs since 2019. Despite this growth, many small business owners still face significant challenges in accessing necessary financing. The Treasury will continue its engagement with stakeholders to promote a strong, competitive, and inclusive marketplace for small business capital.
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