WASHINGTON – Today, the U.S. Department of the Treasury hosted a roundtable with representatives from financial institutions, technology providers, financial technology firms, small business associations, consumer advocacy groups, government agencies, Federal Reserve banks, and other stakeholders to discuss how financial institutions, including depository and non-depository institutions, can better support the small business community.
At the roundtable, participants discussed the current state of small business finance, obstacles faced by small businesses owned by women and people of color, challenges faced by financial institutions in serving small businesses, and potential solutions to bridge financing gaps.
Treasury Department officials led discussions on how recent market developments – such as the growth of nonbanks, rising interest rates, and emerging technologies like artificial intelligence – affected small business financing. Participants also discussed factors that have contributed to the relative decline of small business financing by banks, disparities in capital access across demographic groups, and potential policy reforms that could help address these challenges.
Treasury recently released a report showing that small businesses have created over 70% of net new American jobs since 2019. Recent data showed that accessing the necessary financing to grow their businesses remains a significant challenge for many small business owners. Treasury will continue to engage with stakeholders to help facilitate a strong, competitive, and inclusive marketplace for small business capital.
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Official news published at https://home.treasury.gov/news/press-releases/jy2615
