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What is the SBA? The mission statement of the Small Business Administration (SBA) is to “Maintain and strengthen the nation’s economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.”
The SBA was founded in 1953 to assist and protect small businesses in an effort to help keep them afloat. At that time, there was a great deal of economic uncertainty caused by the Depression and the high cost of World War II, and small businesses needed a boost. Among other things, the Small Business Act of 1953 provided guarantees to small business owners for an equitable percentage of government-owned contracts.
What does the SBA offer? Over the years, the SBA has broadened its scope. They now offer government contracts and loans – as well as financial advice – to small businesses and special-interest groups such as minorities, women and veterans. In fact, if you’re a veteran, your odds of getting a loan went up in late May, when the SBA received assurances from banks that they would loan more money to veterans.
In addition, online courses are available for small business owners, and there is at least one SBA office in every state. Examples of the many classes available are “Introduction to Crowdfunding for Entrepreneurs,” “Encore Entrepreneurship for Women,” and “Government Contracting 101.” Best of all, these courses are available to anyone and are free of charge.
These features, especially the loans, are vital for the success of small businesses for obvious reasons, as perhaps the largest obstacle small businesses encounter is finding access to capital. How much can someone get? According to sba.gov, all 7(a) loans have a maximum amount of $5 million, and the average loan in 2012 was $337,730. Interest rates are negotiated between the lender and applicant, and interest rates can be both variable and fixed.
The SBA has many varied programs available. Each has its own specific qualifications. If you’d like to know more about the SBA, visit their Website at www.sba.gov.
Interested in small business funding for your business? Contact Fund&Grow today.
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