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SBA Advocacy Annual Report

Annual Report Fiscal Year 2022

United States Small Business Administration Office of Advocacy

It has been another challenging year for small businesses. While the most significant hardships brought by COVID-19 appeared to lessen, many small businesses were simultaneously forced to confront a host of new issues. This year has brought an acute awareness of disruptions to supply chains, rising interest rates, inflationary pressures, a constrained labor market, and heightened geopolitical conflicts.

For small businesses looking to raise capital, the “banner year” we discussed in our 2021 annual report quickly faded away. Raising investment capital became harder at every stage of the capital raising cycle. The challenges for underrepresented founders were even further magnified.

Now, more than ever, it is important to focus on the need for strong connections between founders and the investors looking to support them, as reflected in the visual theme of this year’s annual report: building bridges. We call on Congress, the Commission, and our partners to support small businesses and their investors, with a particular focus on underrepresented founders and their investors.

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