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SBA programs aim to empower formerly incarcerated entrepreneurs

September 18, 2024 | Small Business: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal


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SBA programs aim to empower formerly incarcerated entrepreneurs
During a recent government meeting, discussions highlighted the challenges faced by formerly incarcerated individuals in starting their own businesses. Key hurdles identified include drafting resumes, securing capital, and connecting with local resources. The conversation centered around the potential role of the Small Business Administration (SBA) and its programs, such as SCORE, in providing necessary entrepreneurship training to this demographic.

Participants noted that while SCORE has experienced mentors, it currently lacks a specific program tailored for formerly incarcerated individuals. However, there is optimism that SCORE could serve as a valuable partner in outreach efforts to support these aspiring entrepreneurs. The meeting underscored the importance of initiatives like the SBA's \"ban the box\" reform, which aims to facilitate access to capital programs for the approximately one in three Americans with criminal records.

The discussion also touched on the broader implications of entrepreneurship as a pathway to reduce recidivism. With nearly one-third of formerly incarcerated individuals struggling to find employment, fostering entrepreneurship could enable them to reintegrate into their communities and contribute positively.

The meeting concluded with a call for continued collaboration and support for programs that empower formerly incarcerated individuals, emphasizing the potential societal benefits of such initiatives.

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