SBA Announces Deal With India To Promote US Small Businesses

India-West Staff Reporter

WASHINGTON, DC – Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 34 million small businesses, announced a new memorandum of understanding with India’s Ministry of Micro, Small and Medium Enterprises (MSMEs).

The agreement, signed by Administrator Guzman and the Indian Ministry for MSMEs in New Delhi on August 13, is the SBA’s first such collaboration with India.

“From advancing technology to supporting inclusive growth for women and other underserved entrepreneurs, we look forward to working alongside our counterparts to ensure entrepreneurial ecosystems are at the center of both countries’ efforts to strengthen investment, commercialization, supply chains, and trade in industries of the future,” Guzman said.

Under the initial five-year term of the MOU, the United States and India will move forward together to conduct joint programming to share expertise and best practices on entrepreneurial training, access to capital, trade and export financing, and leveraging technology and digital services, among other topics to improve small businesses’ participation in the global marketplace.

The two parties also agreed to explore developing a “Business Matching Digital Platform” to boost business opportunities and strategic partnerships between US and Indian firms.

“The SBA is delivering on President Biden and Prime Minister Modi’s outlined commitment to expanding our collaboration on empowering more small businesses and innovative startups in the global marketplace,” said Guzman.