When you think of the Small Business Administration (the SBA) , you probably think of business loans. It acts as a guarantor for these loans, especially for those people who may want these loans but have nothing to offer as security. There are over 2,500 government buying offices throughout the US. Being located in one region does not prohibit you from doing business in another; many businesses – even small ones – do business across several regions. I got so much great advice and encouragement from Charles and TSBDC when I started my business.
Our SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses. The SBA guarantees that these loans will be repaid, thus eliminating some of the risk to the lending partners. Or said in another way if the business doesn’t show enough income to qualify, they can use projected, increased income to make the numbers work. The Small Business Administration guarantees part of the loan, but the SBA doesn’t actually lend any funds.
All in all, the small business model in America in conjunction with SBA loans over the last century have ended up playing a significant role on the way to engendering many great things: employment, growth opportunities, new neighborhoods, schools, and a laundry list of many other positives. Right now, I’m working with a business owner right now that needs to eat an elephant, a snowball, and a frog.
SBA grants programs are specifically designed to expand and enhance those organizations that provide small businesses with technical or financial assistance. The Government is also looking for commercial banks to take advantage of the Small Business Administration Loan Guarantee. Here are some approaches that your small business can take to mitigate the risk of dealing with late or non-payment, as well as some options for collecting that debt.
The SBA business plan provides such guidance so that one can manage the business efficiently from the start to the finish. The truth is that many small businesses fail and there are a variety of reasons for this – under-capitalization, lack of planning, or the person who owns the business is really good at one thing but bad another. He and his team want to be a profitable business that responsibly cares for its employees and the broader business community. In this program the SBA guarantees up to 90 percent on export loans and gives an approval response in less than 24 hours.