Congratulations! You figured out a way to monetize yourself and have successfully launched your small business. You’ve filed your paperwork with your local and state office and have obtained your business licenses; you are armed! Now what? Let’s make you dangerous! There are several local, state, and national resources that can help you as you navigate business opportunities. Some are free, some cost, but there are resources to meet whatever need you may have for the success of your business. Let’s dive into one of those resources – Small Business Administration – and see what they have to offer to help your business take flight.
Small Business Administration (SBA)
The SBA was designed to help small businesses. The SBA is a federal agency dedicated to small business and offers several resources that can be beneficial to the development and growth of your business. Some of the resources includes, access to capital through several loan programs (SSC Tip: the loan program is the most attractive element!), entrepreneurial mentorship programs, government contracting advice, and advocacy services. The SBA will also review your business plan and provide counseling to aid in the startup and growth of your business. The SBA has local offices spread throughout the nation.
The SBA Loan program is among the most appealing service. The organization does not offer grants or direct loans, outside of disaster relief. These loans are generally provided by financial institutions, with the SBA acting as a guarantor. Small businesses qualify for loans more easily when they are guaranteed by the Small Business Administration. The primary function of the loan program is to partner with financial institutions to make loans with longer repayment periods available to you, which is great and hard to come by going through most financial institutions. Look into the Grow Loan, also known as the 504 Loan. The 504 can provide you with financing to buy some of the fixed assets you need to run your operations to include real estate! The 7(a) Loan is the SBA’s primary loan program, largely because the maximum loan amount is guaranteed at $5 million. Checkout the SBA site to learn more, research what other resources are available to you and look up your local office to schedule an appointment.
If you need help navigating the information to understand how it applies to your business or a sounding board for your business model and strategy, reply to this e-mail and we will let you know how we can help!
