Uncle Sam Provides Money For Small Business, Through The SBAThe title of the Abba song "Money, Money, Money" says it all. In life, it seems that we always need money, but never seem to have enough. Certainly, no link between money and genuine happiness exists. However, it would be naïve to argue that money has no value in life. We need money to pay our rent. We need money to buy DVDs. We even need money to buy Zambia Peaberry coffee in the morning. Capital is also required for the various expenses of running a business. Thus, it is vital that we uncover the best means for securing money for small business. Running a small business can require several expenses, including: · Insurance · Interest · Rent Costs · Retirement Plans · Taxes · Workers' Pay When trying to acquire money for small business, you will probably consider bank loans as the first source. However, you can also receive financial assistance from a source that you may not have considered: The U.S. government. The United States Small Business Administration is also known as the SBA. From 1953 until now, the SBA has aided thousands of Americans, by providing money for small business. It currently maintains offices in every state of the United States, the District of Columbia, Puerto Rico, and the Virgin Islands. The SBA's main services involve financing, advocating, planning, and training for small companies. Furthermore, the SBA cooperates with thousands of lending, training, and educational groups throughout the U.S. The SBA and the federal government as a whole, do not offer grants for small businesses that are being launched or extended. These grants are reserved for local and state governments, non-profit groups, and liaison lending groups. However, through the SBA, the federal government does provide free assistance in obtaining SBA-supported small business loans, with low interest; and information about how to start or enhance your business. You may be wondering why the United States government would even be interested in lending a helping hand by offering money for small business. Today, about 25 million small businesses existed in the U.S., which create more than 50% of the private workforce. Furthermore small businesses are the chief source for the United States economy's new jobs. To determine if the SBA can assist you, your business must meet certain requirements. It must be separately owned and managed. Furthermore, it must meet the maximum standards for business sizes. Since its creation, the SBA has created and altered its definitions for all businesses that are for-profit. The figures that define these industries are referred to as "size standards." Generally, these size standards are revealed in terms of a business's average yearly revenue or the quantity of workers employed. The SBA's Office of Size Standards specifically determines size standards for small business. If you need money for small business and apply for one of the SBA's small business programs, the Office of Government Contracting will determine if you qualify. Meanwhile, the Office of Hearings and Appeals (OHA) assess appeals in regards to formal decisions about business size evaluations. As a citizen, you can also submit comments about the size standards for small business, to: regulations.gov If you need money for small business, your local bank is one option. However, you may also want to consider loans that the U.S. government backs, through the SBA. Money may not be the solution too all of life's problems, but we certainly cannot live without it! |