3 Valuable Small Business Administration Tools

August 18, 2021 12:29 pm Published by

While you probably know that the Small Business Administration is the only cabinet-level federal agency dedicated to helping small businesses succeed, you may not know that the program is hard at work in every state, down to the local level, on a daily basis. If your small business has yet to tap into the resources available at the SBA, now that businesses are focused on recovery after the pandemic may be the perfect time. Check out the three areas where your organization may be able to utilize some valuable business tools. 

Small Business Administration

What is the Small Business Administration (SBA)? 

The idea of the American dream, where anyone can attain their own version of business success, is the goal for many small and medium-sized businesses. The U.S. Small Business Administration, founded in 1953, helps entrepreneurs to achieve that American dream. 

The SBA is “dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.” (Source: SBA

Mike Kennealy speaking to a group at The North Shore Alliance Policymaker Series

3 Amazing SBA Tools 

There are a multitude of tools that the SBA offers to small or medium-sized businesses to help with financial, educational, and business resources. Here are a few of the tools that your business may want to utilize to make your American dream come true.

Financial Assistance

The backbone to any successful business is having the capital to do what you want, whether it is to expand your services or products, increase your staff, or invest in a larger storefront. 

The SBA offers financial assistance in the form of a few different types of loans, disaster relief, grants, and bonds. Start or expand your business with loans such as the 7(a) loans, 504 loans, or microloans that have competitive terms as well as counseling and education. Check out all of their funding programs here

Learning Platforms 

The SBA learning platform is a powerful tool meant to educate and train small business owners. No matter where you are in the business life cycle, from starting your business to expanding your already existing one, the SBA can help you and your employees continue to grow, learn, and succeed. 

Training programs include Boots to Business for transitioning service members as well as Ascent for Women, a free online learning program for women interested in starting or growing their small business. 

In addition to help for women and service members, general training and educational assistance are also offered for employers and employees of a wide variety of fields. For instance, the SBA offers training on how to plan, launch, manage, market, and grow your business. Check out all the topics on the learning dashboard to see what learning programs could help your organization. 

Local Business Resources 

The SBA may be a national program, but it also has local roots. If your business needs support, whether it is marketing your services or products, networking with the right people to help your business expand, or professional counselors to help answer your critical business questions, the SBA can grant access to the right people to get your issue solved. 

One such local business resource is the Small Business Development Center (SBDC), a partner program to the SBA, with the mission to help start and grow small businesses in our area. They offer a wide range of free or at-cost training, business consulting, technology development, business planning, and regulatory compliance assistance to name a few of their expanded services. 

Another valuable business resource is the SCORE Mentoring program which offers the largest network of free volunteer small business mentors in the nation. Imagine having access to an experienced mentor who can answer your questions and help guide you to success! 

 

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This post was written by Mike Sperling