1 Department of Economics, Ohio University.
2 Department of finance and real Estate, Collorado State University, USA.
3 Information technology, Georgia southern university, Statesboro, Georgia USA.
4 Agile project management, Amberton University, Garland, Texas, USA
5 Department of computer science, wrexham university, wrexham, wales, UK.
Research Article
World Journal of Advanced Research and Reviews, 2023, 19(03), 1677-1691
Received on 22 July 2023; revised on 03 September 2023; accepted on 05 September 2023
The resilience of minority-owned businesses has been a persistent challenge, exacerbated by systemic barriers that limit access to capital, resources, and market opportunities. While funding remains a critical support mechanism, it is not sufficient by itself to address the multifaceted issues faced by these businesses.
This research explores how the Small Business Administration (SBA), in collaboration with Public-Private Partnerships (PPPs), can strategically integrate Artificial Intelligence (AI), Financial Technology (FinTech), and adaptive regulatory policy innovation to foster sustainable business ecosystems for minority entrepreneurs. AI and FinTech offer powerful tools to enhance decision-making, improve capital access, streamline operations, and facilitate customer engagement.
Supportive policies are crucial to creating an environment where these technologies can thrive. This paper proposes a holistic framework integrating SBA strategies with AI, FinTech, and targeted policy reforms to equip minority-owned businesses for growth, competitiveness, and resilience in the digital economy.
By evaluating data-driven decision-making, automated lending platforms, AI-driven credit modeling, blockchain-backed funding solutions, and predictive analytics for policy impact assessment, this study aims to identify how these innovations and strategic collaborations can dismantle systemic barriers, enhance financial inclusion, and drive sustainable growth.
The paper also addresses critical challenges such as algorithmic bias in AI-driven lending, cybersecurity risks in FinTech, and regulatory concerns surrounding digital financial solutions. It critically examines the feasibility of SBA’s role in facilitating AI and FinTech adoption beyond traditional funding mechanisms and incorporates comparative insights from international minority business policies.
Finally, the paper discusses implementation challenges, including potential political resistance, financial constraints, and digital literacy gaps, ensuring a realistic and actionable framework.
Minority-Owned Businesses; Small Business Administration; Public-Private Partnerships; Artificial Intelligence; Financial Technology; Policy Innovation; Financial Inclusion; Entrepreneurship; Economic Development
Preview Article PDF
Maud Avevor, Gallas Tugil Attionu, Deborah Osahor, Tony Azonuche and Obah Tawo. Beyond funding: rethinking small business administration strategies and public-private partnerships for minority-owned business resilience (AI, FinTech, and Policy Synergy). World Journal of Advanced Research and Reviews, 2023, 19(3), 1677-1691. Article DOI: https://doi.org/10.30574/wjarr.2023.19.3.1748