Eugene Cornelius, Jr.
Cornelius, the deputy associate administrator of the Office of Field Operations for the U.S. Small Business Administration, believes the economy has not only hit bottom but is rebounding.
“I think things look good ahead,” Cornelius told LGBT business owners at a luncheon hosted by NGLCC Affiliate Capital Area Gay & Lesbian Chamber of Commerce (CAGLCC) in Washington, D.C. on May 20. “We’ve hit bottom, and the economy is coming back. Employment always lags by 10 months, but I think the signs are there for a strong recovery.”
In his influential position, Cornelius oversees the SBA’s Office of Field Operations, which directs the agency’s 10 regional and 68 district offices.
Cornelius said that much of the recovery will likely come at the hands of small business owners. “Small businesses tend to be more flexible and more innovative,” he said. “They’re able to adapt quickly to changing economic trends. Small businesses are more likely to survive better than big businesses, which are not able to maneuver as quickly.”
Justin Nelson, NGLCC’s co-founder and president, encouraged LGBT businesses to take advantage of the myriad of opportunities available thanks to the SBA, whether it’s in seeking a loan to expand or looking for assistance in getting a government contract.
“The SBA has always provided much-needed assistance to small businesses,” said Nelson. “Now more than ever, it is our partner in rebuilding our businesses and the economy.”
An out member of the Obama administration, Cornelius joined the SBA in November 1999 and made his name revitalizing SBA offices in Michigan and Louisiana, where he oversaw the SBA’s efforts there after Hurricane Katrina devastated the Gulf Coast. He also served as an associate administrator for the SBA’s 8(a) program, a national small business development program.
Cornelius said it is imperative that small businesses take advantage of the credit opportunities included in the economic stimulus package signed into law by President Obama. He said that since the bill took effect, there has been a 25 percent increase in access to capital for small businesses.
“The money is flowing and small businesses can do what they do best, innovate and create jobs,” he said. “Small businesses are the employment lifeline of our economy.
We are focusing on that at the SBA.”
He said the SBA is also working to ensure that 23 percent of the federal government’s procurement spending is earmarked for small businesses, which amounts to about $350 billion in products and services.
“Small businesses need to look at the federal government for contract purposes,” Cornelius said. “We buy practically everything, and small businesses need to find out what is available. The SBA has programs …that teach you how to do government contracting.”
Cornelius encouraged LGBT small business owners to use the SBA’s Web site [www.sba.gov] to seek assistance in obtaining loans and guidance in contracting with the federal government.
