Lawmakers Introduce SPARK Act to Provide Grants and Loans to Minority and Rural Small Businesses

1.3 million minority-owned, 273,542 veteran-owned, and 1.3 million women-owned employer businesses operate in the U.S. — together representing roughly half of the country's 5.9 million employer firms

In 2020, 40% of white-owned businesses received all the financing they requested — compared to 13% of Black-owned businesses

The White-Black median household wealth gap exceeded $220,000 in 2022, even as Black family wealth grew 61% between 2019 and 2022 — faster than the 31% gain for white families

46% of Black-owned employer businesses were operating at a loss at the end of 2023, compared to 35% of all employer businesses — and 67% of Black employers used personal funds to cover shortfalls

In 2024, 41% of small employer business financing applicants received all the funding they sought; 40% of applicants were seeking less than $50,000 — the range where the SPARK Act's proposed $20,000 grant would operate