In this Must Know…
- SBA released a final rule that updates regulations for SBDCs.
- The deadline to take the Federal Reserve’s 2023 Small Business Credit Survey is November 17, 2023.
- Join us November 28, December 5, and December 12, 2023 for the CDFI Governance training series.
- This week’s Goodie Highlight are three opportunities to take action: lending to returning citizens, Section 1071, and junk fees.
SBA Updates SBDC Regulations
On Tuesday, SBA released a final rule that updates regulations for Small Business Development Centers (SBDCs). This is the first set of significant program updates since 1995. Some notable changes include:
- Addition of WBCs as eligible entities for Lead Centers.
- Requiring that SBDC service centers be primarily housed within institutions of higher education or WBCs.
- Clarifying that SBDC employees may participate on boards and panels of financial institutions in their local communities.
- Allowing an annual review of a Service Center by a Lead Center to be done virtually or in person.
For Your Clients: Small Business Credit Survey
The Federal Reserve’s Small Business Credit Survey closes November 17, 2023. The 12-minute survey asks questions about small business owners’ experiences in the past year and what they expect in the next 12 months.
CAMEO is a partner on this effort. By taking the survey, your clients will contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers, and others—ultimately benefitting their business and other businesses in their community. Ask your clients to take the survey!
CDFI Governance Series
Join us November 28, December 5, and December 12, 2023 for the CDFI Governance training, part of CAMEO’s National CDFI Academy.
The three-part series is designed to educate CDFI staff and leadership on the key principles of CDFI governance and guide them through the basic steps in creating a successful governance structure.
CAMEO members will receive a 50% discount when applying the membership code at checkout. If you’re a member but don’t know the code, please contact Daniela Fernandez-Ulen.
This training is sponsored by City National Bank.
The Goodies
Industry News
- The SBA is accepting nominations for its National Small Business Week Awards. The deadline for submission is December 7, 2023.
- CNN published an article on the dangers posed by recent legal challenges against investment initiatives meant for business owners of color.
- House Small Business Committee Ranking Member Nydia Velázquez and seven Small Business Committee Democrats called on the SBA to release updated federal contracting spending data by race/ethnicity of business owners for FY22.
Take Action
- Sign on to Small Business Majority’s comment letter to SBA on the proposed rule to eliminate “good character” as an undefined criteria to deny people who have a criminal record. The deadline is November 13, 2023.
- Urge the House of Representatives to vote NO on the resolution to nullify Section 1071 of the Dodd-Frank Act.
- The FTC issued a Request for Comment on a proposed rule on unfair or deceptive fees. The comment period is open through December 11, 2023.
For Your Clients
- Californians Against Retail and Residential Theft is conducting a survey about the adverse impacts of retail theft on small business owners.
- Join NCRC on November 14, 2023 at 8:30am PT for the “Fintech Innovations for Entrepreneurs” webinar to learn about innovative products that allow small businesses to more efficiently manage capital flow and to provide valuable benefits to their employees with minimal cost.
Other Goodies
- Member Kudos: Sacramento Kings selected Opening Doors as one of the five nonprofits of the ‘Kings Community Starting 5’ initiative recognized for their contributions and services to the Sacramento community this season.
- Jobs: The Democracy Collaborative, Renaissance Entrepreneurship Center, Project Equity, and LIFT, Inc. announced new jobs recently. See who else is hiring!