Government Resources for Small Businesses

July 16, 2024

Benefits.gov is home to a wide range of benefits that empower small businesses to thrive. From access to capital and business counseling to government contracting assistance and disaster recovery support, you can find it here. In this article, we will explore a variety of government benefits available to small businesses, and how you can take advantage of them.

The 7(a) Small Business Loan

One of the primary challenges faced by small businesses is securing funding. The Small Business Administration (SBA) offers several programs to address this hurdle, including the 7(a) Small Business Loan program.

The 7(a) Small Business Loan is SBA’s primary business loan program for providing financial assistance to small businesses. Acting as a guarantor, the SBA provides loan guaranties to participating lenders, making it easier for small businesses to qualify for loans. These loans can be used for various business purposes, like equipment purchases, working capital, or acquiring real estate. To learn more about this program, and to find out if you qualify, contact your state or local SBA district office.

Business Counseling and Training 

The SBA provides several resources for business counseling and training through programs like SCORE business mentors, Small Business Development Centers (SBDC), Veteran’s Business Outreach Centers (VBOC), and Women’s Business Centers (WBC). Through these programs, small businesses can access free or low-cost services like business consulting, training workshops, and mentorship.

Government Contracting Assistance

The SBA helps small businesses compete for government contracts through programs like the 8(a) Business Development Program, the HUBZone Program, and Veteran contracting assistance programs. Through these special programs and others, the SBA helps open federal contracting doors for small businesses, providing a pathway to growth.

Disaster Recovery Support

If you are in a declared disaster area and have experienced physical or economic damage to your business, you may be eligible for federal assistance through loan programs like the Business Physical Disaster Loan or the Economic Injury Disaster Loan (EIDL). These loans help businesses recover from the financial impact of natural disasters. Small businesses may qualify for both an EIDL and a Business Physical Disaster Loan. To find out if you are eligible and apply for a disaster assistance loan, visit the SBA’s Disaster Loan Assistance website.

Additional Resources

To find additional related benefits and resources, visit the Browse by Agency page on Benefits.gov and select U.S. Small Business Administration.

Also, be sure to check out GovLoans.gov, to help find additional government loans you or your small business may be eligible for.

Article Source: https://www.benefits.gov/news/article/503