Isabel Casillas Guzman, head of the Small Business Administration, and Federal Trade Commission Chair Lina Khan discussed the efforts of SBA and FTC to help improve the competitiveness of small businesses.
SBA said Monday that Guzman cited the agency’s work to enhance competition in government contracting and small business lending.
In fiscal year 2023, small enterprises accounted for 28.4 percent of all contracting dollars.
SBA noted that its rulemaking that sought to simplify loan programs has resulted in a doubling of small-dollar loans under the 7(a) loan program.
“Under the Biden-Harris Administration, the SBA, the FTC, and other federal agencies have worked to ensure equitable market opportunity, and discussions like today’s are a crucial part of our continued work together to prioritize competition and a level playing field for our small businesses,” said Guzman.
“Equipping entrepreneurs with knowledge, networks, and resources to navigate federal agencies and regulation strengthens them so they can compete successfully in the marketplace,” she added.
Meanwhile, FTC has developed a final rule to prohibit noncompete clauses, a measure that could lead to the formation of 8,500 new businesses each year.
“A key part of the FTC’s work is making sure our markets are open, fair, and competitive so that small businesses and entrepreneurs have a fair shot,” said Khan.
“The ability to start and run your own business is a core part of our American economic freedoms, and the FTC is going to keep using all of our tools to make sure small businesses and entrepreneurs can compete,” the chairwoman added.
Guzman and Khan held the discussion during the annual meeting of SBA’s Regional Regulatory Fairness Boards.