What is the Small Business Administration?
The U.S. Small Business Administration (SBA), founded on July 30, 1953, consists of four main functions: Access to Capital, Entrepreneurial Development, Government Contracting, and Advocacy.
We recognize that small business is critical to our economic recovery and strength, to building America’s future, and to helping the United States compete in today’s global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.
SBA Business Financing
Many small business owners are looking to lenders to provide the capital they need to start-up, expand, or sustain their operations. The SBA offers a variety of loans to assist small businesses with their finances. Here are the current SBA Loan options:
Grants are an excellent source of capital for small businesses especially considering that, unlike loans, they do not have to be repaid. However, grants are only available for specific functions and to specific groups. So, determine if you qualify for a federal, state, or local government grant. The SBA does not offer grants, but assists you with your search by providing the follow resources:
The SBA offers a few bond options to small business owners, but makes an important note that you need to have an attorney look it over. They offer two types of bonds:
The SBA is a good source to look into if you are looking for access to capital. Keep in mind that they have certain application requirements and criteria that help determine if they will offer you financing or not.
Do you have experience with securing an SBA Loan? Would love to hear your tips in the comments!