FIRST ON THE DAILY SIGNAL—The Small Business Administration has announced a classification for influencers to help them obtain loans.
The agency said Thursday that the 27 million content creator-led businesses in the United States are classified under Motion Picture and Video Industries. The businesses were previously eligible for SBA loans if they met applicable program requirements, but they lacked clear guidance on what code best reflected their business models.
“America’s creators are entrepreneurs who build businesses from original ideas, unique audiences, and content into thriving small businesses that create jobs,” SBA Administrator Kelly Loeffler said. “For the first time, the SBA is recognizing these enterprising content creators within our small-business framework.”
“This historic guidance cuts through outdated classifications and gives qualifying creators greater clarity as they build businesses, create jobs, and compete and build for the future,” Loeffler said.
The move was endorsed by the Creators Guild of America, a 501(c)(6) with 14,000 content creator members, and TikTok.
“With more than 8.5 million American small businesses on TikTok U.S., millions of people turn to our platform every day to discover new experiences, support local favorites, and connect with thriving entrepreneurs,” Nicole Nason, head of public policy at TikTok U.S., said. “This historic guidance places the SBA at the forefront of the creator economy and establishes clear pathways for modern entrepreneurs to expand their reach, create jobs, and fuel local economies.”
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The Creators Guild of America said its members will be “taking full advantage of the access to capital that the SBA’s guidance provides, and are proud that the professional infrastructure establish.”
“Thanks to the vision of the SBA and its leadership, the federal government has unequivocally affirmed this status, and millions of creators stand to benefit,” Daniel Abas, founder and president of the Creators Guild of America, said.
In August, the agency issued a proposed rule updating small business size standards and received comments requesting the issuance of an industry exception for content creators.
The agency will consider those comments and other public feedback after the public comment period on the proposed rule closes on Nov. 20.
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