Here’s a dose of good news: you’re not in this alone.
As a small business, you have access to plenty of help and resources that you may not even know about. In our ongoing effort to support small businesses, we’re taking a look at three lesser known programs that you’ve probably never heard of before.
These three programs, offered through the Small Business Administration (SBA), can grow and support your business. Although the SBA is best known for providing small business loans, that’s not the extent of what they offer. The programs we’ve highlighted enrich your business through training, counseling, and mentoring; you can also turn to the SBA when disaster strikes to get back on your feet again.
Let’s take a look at how the SBA can support your small business.
1. 8(a) Business Development Program
Are you a minority-owned small business? The SBA helps minority-owned businesses secure lucrative government contracts. It also provides training workshops, management guidance, and one-on-one counseling through its 8(a) program.
What is the 8(a) program?
The 8(a) program provides business development services to minority-owned small businesses. It aids economically and/or socially disadvantaged business owners through multiple services, including training and financial assistance. Through the program’s mentorship, a minority-owned business will receive the resources it needs to compete with other businesses in the federal marketplace.
Who qualifies for the 8(a) program?
For entry into the 8(a) program, a business must be majority owned (at least 51 percent) by one of the following groups:
- African Americans
- Hispanic Americans
- Native Americans
- Asian Pacific Americans
- Subcontinent Asian Americans
Additionally, the business must be small in size, have been in operation for at least two years, and owned and controlled by at least one disadvantaged U.S. citizen of good character.
If you don’t meet the above requirements, you may still be considered for the 8(a) program. You will need to prove that you are economically disadvantaged and have been subjected to discrimination.
What does the 8(a) program offer?
Here’s a partial list of services provided:
- Mentoring
- One-on-one counseling
- Financial assistance
- Management guidance
- Training
- Technical assistance
- Procurement assistance
For more information about services offered, contact your local SBA office.
How to apply for the 8(a) program:
You can apply for the 8(a) program by contacting your district SBA office, or by submitting an electronic application.
2. Disaster Loan Program
Did you know that the SBA is the primary source of financial recovery assistance from the federal government? When hurricanes, tornadoes, earthquakes, wildfires, or other disasters strike, turn to the SBA for assistance. SBA disaster loans can help you replace or repair the things you may have lost in a declared disaster, including equipment, machinery, and business property.
The SBA offers low-interest disaster loans to any sized business. You can use this financial assistance to get back on your feet when life knocks you down.
How to apply for a business disaster loan
Click here to apply online for a business disaster loan. Alternatively, you can mail in your loan application. Visit the same link for more information.
3. Women’s Business Centers
The SBA also helps women entrepreneurs succeed. A national network of Women’s Business Centers (WBCs) are located throughout the country. Women turn to these local chapters to help them grow and develop their small businesses.
Among the development services provided at WBCs, women entrepreneurs can receive comprehensive training, financing counseling, technical assistance, and business plan development support. These WBCs also provide mentoring services and referrals.
To find a WBC near you, follow this link and search by state. Many states have more than one WBC.
Final Thoughts
If you run a small business, you may need extra support. If you fit into one of the above categories, don’t hesitate to contact the SBA to find out how it can help grow, develop, or repair your small business.
If your business doesn’t qualify in the above areas, the SBA still offers some of the least expensive financing available to small businesses. You can try out different loan terms and learn more about rates and requirements at Fit Small Business.
The post 3 Big Ways the SBA Helps Small Businesses (That You Might Not Know About) appeared first on AllBusiness.com
The post 3 Big Ways the SBA Helps Small Businesses (That You Might Not Know About) appeared first on AllBusiness.com.
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