SBA Update: Reflecting on leadership and the road ahead for small businesses

On this final episode of the SBA Update, we bid farewell to Allen Thomas, SBA Regional Administrator, as he reflects on his tenure during a pivotal time for small businesses. Joined by Victor Parker, SBA Deputy Associate Administrator, the discussion explores the challenges, triumphs, and exciting prospects for the agency and small business owners nationwide.

In this farewell interview, Thomas highlights the remarkable progress made during his tenure amid challenges such as the COVID-19 pandemic and natural disasters. “Over the past three and a half years, we’ve seen 20 million new small business applications and record growth in employment and innovation,” said Thomas. He proudly shared that the SBA facilitated $8 billion in lending in the Southeast last year, tripling funding for Black-owned businesses, doubling support for Latino-owned businesses, and witnessing women-led enterprises outpacing others in growth.

Thomas also noted the role of SBA programs in stabilizing businesses during crises. For example, he recounted how SBA loans helped his former aviation company retain all 480 employees during the pandemic, a workforce that has since grown to nearly 800.

Victor Parker, the incoming SBA Deputy Associate Administrator, emphasized continuity as new political appointees transition into leadership roles. Parker shared how the SBA’s 68 district offices, resource partners like SCORE, and programs such as Thrive ensure small businesses nationwide have access to resources, training, and support.

The SBA’s disaster recovery efforts were also underscored, with Parker noting ongoing work in areas impacted by the Maui wildfires and Southeast hurricanes. He highlighted the importance of a seamless handoff between administrations to maintain the agency’s vital role in recovery and growth.

As Thomas departs, his advice to entrepreneurs is clear: “Don’t operate in a silo. Leverage state and federal resources like the SBA to turn your vision into reality. I started with an idea on a napkin in ’99 and built a successful business with the help of these programs.”

“Over the past three and a half years, we've seen 20 million new small business applications and record growth in employment and innovation.” – Allen Thomas.