February 25, 2016
NAGGL Joins National Urban League’s Urban Solutions Advisory Council
WASHINGTON, D.C. – Today, the National Association of Government Guaranteed Lenders (NAGGL) attends the National Urban League’s Black History Month Roundtable on Capitol Hill with National Urban League President and CEO Marc H. Morial and Members of Congress to discuss promoting economic empowerment.
This comes as NAGGL announces they are joining the National Urban League’s Urban Solutions Advisory Council, bringing to the Council its first trade association member. NAGGL represents 800 financial institutions and related partners ranging from national banks to small community banks focused on access to capital using the Small Business Administration’s 7(a) loan for small businesses across the country.
The Council, created by the National Urban League's Washington Bureau and composed of the country’s foremost businesses, is designed to drive development in urban America. It tackles problems such as long-term unemployment and lack of access to capital among minority communities.
Other corporate partners on the Urban Solutions Advisory Council include giants in the business and financial worlds. NAGGL is the first trade association to join the ranks of these national business leaders.
"We are thrilled to be working with a forward-looking institution like the National Urban League and to be joining their Urban Solutions Advisory Council," said Tony Wilkinson, President and CEO of NAGGL. "As an industry, we have been having critical conversations about minority lending with some of our country’s foremost leaders for underserved markets for years. Cementing a commitment to the National Urban League and their unparalleled efforts in bettering minority communities is a much needed public step forward to start thinking outside of the box on how we can tackle access to capital for minority demographics together, rather than separately."
Unemployment in minority communities continues to be a national epidemic. In order to confront this challenge, the Council believes in developing policy platforms grounded in business practicalities that encourage small business ownership and entrepreneurship. The Small Business Administration’s (SBA) 7(a) loan program is one such answer to encouraging small business success by providing the necessary capital to grow or sustain, which often proves to be the greatest challenge in the lifespan of a small business.
In a ceremony held last month at the National Urban League Washington Bureau offices, National Urban League President and CEO Marc H. Morial announced NAGGL, along with other business and financial leaders, as part of a select group that makes up the 2016 Urban Solutions Advisory Council.
"The National Urban League is thrilled NAGGL is stepping forward as our first trade association to join some of our country’s largest names in business to tackle critical problems within urban communities," said National Urban League President Marc Morial. "The combined experience and knowledge of NAGGL's national and community lenders will be an invaluable asset as the Council confronts serious access to capital challenges affecting underserved markets nationwide."
In addition to supporting the National Urban League’s efforts to empower minority entrepreneurs, NAGGL plans to work closely with the historic association and the Council on educating small business owners on how to be successful at obtaining capital. NAGGL’s recent September rollout of an educational platform, the Business Smart Toolkit, has been a long-term joint project with the SBA and just one of the many solution-oriented proposals that NAGGL will be bringing to the table in this new relationship with the National Urban League.
The National Association of Government Guaranteed Lenders (NAGGL) serves the needs and represents the interests of the Small Business Administration (SBA) lending community as they finance a wide variety of Main Street small business needs through SBA’s primary loan program. Our members expand access to capital for job-creating startups and existing small businesses nationwide. NAGGL has grown the industry and the small business sector by helping the 7(a) program flourish—burgeoning from $1 billion in 1984 to $23.5 billion in FY 2015 loans to entrepreneurs.