US SBA Partners with India to Expand Global Reach of American Small Businesses

Washington, DC, August 16:
On Thursday, Isabel Casillas Guzman, head of the US Small Business Administration (SBA), and the Indian Ministry of Micro, Small and Medium Enterprises (MSMEs) announced a new memorandum of understanding (MoU) to enhance the collaboration between the two nations in promoting MSME participation in the global marketplace.

Of particular note is Guzman's role as the spokesperson for the nation's over 34 million small companies within the Cabinet of President Joe Biden It is the first time the SBA has collaborated with India in this way; Administrator Guzman and the Indian Ministry for MSMEs inked the agreement in New Delhi on August 13.

"The United States-India partnership is grounded in shared values of democracy, freedom, and opportunity, and through our new MOU with the Indian Ministry of MSMEs, 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," according to Administrator Guzman, according to a press release.

"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."

The MoU is an outgrowth of the two leaders' conversations on the role of micro, small, and medium-sized enterprises (MSMEs) and entrepreneurship in fostering robust and inclusive economies during President Biden's 2023 state visit to India.

Promoting female entrepreneurship and including small firms in the green energy transition are two of the agreement's primary goals.

In the first five years of the MoU's existence, the US and India will work together to implement joint programming that will share knowledge and best practices in areas such as entrepreneurship education, capital access, trade and export finance, and the use of technology and digital services to help small businesses compete on a global scale. The two groups also decided to look into creating a "Business Matching Digital Platform" to help American and Indian companies find more commercial possibilities and build more strategic alliances.