Those who are a small business owner, or thinking of starting one, likely already know about the Small Business Administration. The SBA will not only help you build your small business but once its off the ground, it will help you continue to grow it moving forward.
Even though small businesses have access to many resources that will help support their growing business, the SBA offers many that they may not know about. Because these resources are plentiful, it makes the SBA an incredible outlet for small business to tap into.
What Does the Small Business Administration Do?
The core mission of the SBA is divided up into three C’s: Capital, contracts, and counseling. When you look at these three C’s, you can see it’s possible for just about any small business owner to receive the help they need from the SBA. More specifically, though, the Small Business Administration provides the following:
- Advice, guides, and resources
- Loans to small businesses
- Science and technology grants
- Obtaining government contracts
- Local and network assistance
- Venture capital investments
You’re Not Receiving a Loan from the SBA
One of the ways many believe they can receive help from the Small Business Administration is by asking for a loan. While the term, “SBA Loan,” does exist, you’re not receiving a loan from them.
Instead, they’re setting guidelines for and a guarantee to the loan made by a credit union, bank, or other financial institution. Lenders can create a loan under the SBA guarantee to small businesses that they otherwise would not have been able to under previous circumstances.
There’s a Disaster Loan Program
What many small business owners may not realize is that the Small Business Administration is the federal government’s primary source of financial recovery for those needing assistance following a disaster.
When earthquakes, hurricanes, tornadoes, wildfires, or other disasters occur, small business owners can turn to the SBA to recover damages.
That way, it’s possible to repair or replace items lost during an event that was declared a disaster, including business property, equipment, and machinery.
Grow Your Small Business
The Small Business Administration works toward helping small businesses grow and succeed by securing government contracts, answer questions related to their business, and find optimal business solutions.
There are consulting services, business plan assistance, and workshops developed to help evaluate business ideas. Small business owners can also find group training programs with a focus on financing, marketing basics, taxes, start-up basics, accounting, and more.
Contact the Small Business Administration for More Information
Those who are running a small business may find they need extra support. If you find yourself facing this situation, contact the Small Business Administration to learn how you can grow, repair, or develop your business.
Taking this step will not only help your business take steps toward success, but it will also help ensure better success for the future.
If you find yourself in need of an “SBA Loan,” make sure you understand the terms and speak with a financial advisor about how this plan will impact your small business before moving forward.
The Cherokee Nation Businesses portfolio of companies offers its partners and clients all the advantages of Access to the Small Disadvantaged Business (SDB) program of the (SBA) Small Business Administration.
