What the SBA Can Do For Your Business

Need help for your business but not sure where you should turn?  Check out the Small Business Administration.  The SBA is the federal agency charged with providing assistance to small business owners. SBA priorities, under new administrator Karen Mills:

1) Move quickly to implement the plans laid out in the Recovery Act and get capital moving
again through the core SBA loan programs;
2) Reinvigorate the agency by investing in the agency’s staff through training and
professional development, attracting a strong and passionate leadership team, and
strengthening in the information technology the agency needs to operate; and,
3) Act as an advocate for small business across the Obama Administration to ensure that the
federal government is the real partner small businesses need at this time to be a key driver
in the nation’s economic recovery.

We have seen, as I posted yesterday, that the first priority, the new America’s Recovery Capital program, is in place to help small business owners get money quickly for cash flow needs. Other loan guarantee programs offered by the SBA include:

Dealer Floor Plan Financing (DFP), which will begin on July 1 to help offer guaranteed loans to finance inventory for eligible auto, recreational vehicle (RV), boat, manufactured home and other dealerships. This program will help cash-strapped dealers by allowing them to borrow against their inventory of autos, RV’s, motorcycles and other titled vehicles, paying back the loans when the inventory is sold.

Disaster loans.  If an area of the U.S. is declared a “disaster area,” the SBA comes in to help small businesses get back on their feet.  Small businesses in these disaster areas are eligible for loans to repair physical damage and economic injury.  If you are in a current disaster area, you can apply for a loan online or go to the SBA office nearest you.

SBA 7(a) loan guarantee programs include:

• Patriot Express Loans for military veterans and their spouses to help them start or expand a small business.
• Community Express loan programs to help businesses in under-served areas.
  

Contracting Opportunities. The SBA can help you learn how to become a contractor for the U.S. government.

Tomorrow, information on the SBA and its advisory services and online services.

Image: shlomaster@sxc.hu