SBA
Your small business helping hand
By Alan Galatian
The Small Business Administration (SBA) is the best resource for small business owners and those considering a new business. Their primary function is to provide tools, resources and services that will support the small business owner and provide the best possible chance of success. Below is a guide of what you’ll find on the SBA web site.
Small Business Planner
This is a resource area for those wanting to start a new business. Here you will find help for planning your business, information about licensing, business finance, branding and managing and marketing your business. Should you decide to get out of business, there is also information to help you plan an exit strategy.
Writing a clear, detailed and professional business plan is of extreme importance if you plan to seek financing. The SBA covers this area extensively by advising on what details to include in your business plan and by providing sample small business administration business plans that cover many different industries.
Services
Some of the services provided include assistance with funding your new business, counseling, online courses and a law library. The SBA administers loan programs, small business grants and bonds. Additional information in this category targets special audiences, including Women, Veterans, Native Americans and more.
In regards to the financial assistance, there is a common misconception that the SBA provides loans to business owners. The SBA merely acts as a guarantor for loans that may be structured according to the requirements set by the SBA. You must still apply for the financing through a commercial lender.
Another misconception is that the SBA can help if the borrower has poor credit. The SBA credit criterion mirrors that of the commercial lender.
Tools
The SBA has provided a number of tools for you. You can find Federal, SBA Partner and Small Business forms. Statistics and research papers are available to view, along with reports and success stories. The VOICE monthly online chat is available as a place to ask topical questions and receive responses from experts.
Local Resources
The SBA has Small Business Development Centers located around the U.S. You may search for offices to visit locally and speak one-on-one with a specialist. The local specialists can be very helpful in answering questions that are specific to the region that you will be operating in.
Knowledge and preparation are key to starting and managing a successful small business. The tools and information available through the Small Business Administration will provide a solid base from which your business may grow and succeed.
