Many people have heard of the Small Business Administration (SBA), but what does it do? Starting a new business can be a lot of work, and it may seem overwhelming at times, especially if you are new to business ownership. This is where the SBA comes in — there are programs in place to help you because the U.S. government knows that small businesses just like yours are essential to the economy.
The SBA can provide new business owners like you with resources and tools to find success from the early days of business planning to continued growth of continued funding and additional local support. Here are a few of the programs and support systems set up for small businesses.
SBA loan programs
While the SBA doesn’t actually grant loans, they do have several loan programs that are guaranteed by the SBA. Many financial institutions offer loans specifically for small businesses that are backed by the SBA. These loan programs often have lower interest rates than other business loans, and some are even designated for specific purposes like real estate or equipment.
If you are more interested in grants, the SBA has several different grant programs for research, development or other purposes, so check out their requirements and eligibility to find a grant that may help your business continue to succeed.
Your business can be certified if you meet certain requirements. So if you are a women-owned business with 51% female ownership, a veteran owned business or a business in a rural are, there are support programs to help get you certified. The benefits of certification can include special grants or loan programs, federal contracting or get specialized training.
There are 900 development centers around the country set up to help small business owners. At these centers, you can find free and low cost consulting services and other resources. They can also be good locations to find or meet like-minded entrepreneurs and network within the local small business community. From launching your business to growing it for years to come, the development centers have tools and training to set you up for success.
If you want a SBA business plan, Bargain Business Plan can help. Our experts are well-versed on SBA guidelines for business plans and what lenders are looking for with SBA backed loans. Get a free consultation today to learn how our SBA business plans can help you grow and succeed.