Put Your Small Business Administration to Work for You
The US Small Business Administration, otherwise known as the SBA, is a government agency created to help your small business succeed. If you aren’t using the free tools they make available, you’re missing out on some amazing opportunities.
Funding
While the SBA doesn’t directly loan money, an SBA loan is one that meets the guidelines it sets. Whether through a bank, a community development organization or a micro-lender, the SBA makes it easier for you to get a competitive loan. The SBA offers 7(a) loans with capped interest and limited fees, 504 loans for large tangible assets, and microloans of under $50,000. Besides favorable terms and working with you to find a lender who can help, many of these loans come with extended business counseling to help your business thrive.
If you’re interested in funding, here are a couple of things SBA can help you plan. The SBA will help you find the proper lender. New businesses may not need as much funding as they think, or perhaps any additional funding at all. They can help you make that determination. They can provide you the tools to organize your current financials so that when you need your business’ credit score, amount of existing debt, business plan and current finances, you’ll have them all in one place and ready to go.
Planning
Even before you open your doors or your website, the SBA can help you with planning your business. Check with your local branch for free sessions available at your local library and other locations around town. If you’re a veteran, they even have extra services to guide your new business venture. Whether it is learning about accounting and the legal requirements, or writing out a business plan to present to lenders, the SBA has it. They can help you research your market or buy a franchise. Even if you walk in having no definite idea of what type of business you want to open, they can get you started.
Government Resources
Because it is a government agency, the SBA is especially well-placed to help your small business with government resources. They can help you find low-interest SBA loans after disasters. They will guide you through the process of applying for jobs that require a government contract.
The availability of these free resources and SBA loans can put you leaps and bounds beyond your competition whether you are just entering the marketplace or you’re looking to expand your business ventures.
