When creating a small business or attempting to get an idea off the ground, assistance is often needed in the way of start-up capital. As such, the Small Business Administration was formed in order to assist those needing this type of economic assistance. Whether through grants, loans or scholarships, a SBA Loan Officer can often help when it comes to finding these funds.
While the SBA has a lot to offer these entities, there are strict guidelines which must be followed with regards to the loaning and distribution of funds. While the main responsibility of the agency is to assist entrepreneurs and small businesses, there are also other ways in which the agency helps individuals and others.
The purpose of the Small Business Administration is to help keep start-ups running smoothly while providing economic relief to those recovering from disasters. Activities which the agency deals with on a regular basis are often known as the 3Cs, which relates to counseling, contracts and capital. When it comes to capital, loans are often made through lenders such as banks, credit unions and others whom partner with the Small Business Administration on an ongoing basis.
One way in which the agency can help is through loans that are backed by a government guarantee. When obtaining loan, it should be noted that if the borrower falls into default, only 90% can be repaid by the government. After which, if the borrower does not repay the government, the government has the right to acquire and auction off the property in order to recover the funds.
When it comes to other duties of the administration, it assist the federal government by directing federal contracts to small businesses when and where possible. In addition, the agency focuses on sending a number of contracts to women and disabled veteran owned businesses. As such, the agency supports a number of minority owned businesses as well as those whom hire individuals from various minority related groups.
The agency offers student counseling at a number of colleges and universities around the country. For, if a student is interested in becoming involved with a small business or entrepreneurship, the agency wants to help see those dreams come true. In fact, the agency has already assisted over one million small business and entrepreneurs since it was formed in the 1950s.
The SBA has faced a number of obstacles and challenges since inception. For example, different administrations have often pushed for the closure of the agency. While this is the case, with the help of citizens, local governments and universities whom spoke up against those threats, the agency survived. After which, in 2010 the SBA was approved and received funds in what was the largest budget ever granted since the agency was formed in the 1950s.
Once again facing possible closure, those whom support the administration need contact local representatives. For, if not for pressure from members of the U. S. Congress and House of Representatives, the agency would have already been closed. Whereas, with the new focus on entrepreneurship and small business ownership, there are many whom hope this will not be the case in the future.
While the SBA has a lot to offer these entities, there are strict guidelines which must be followed with regards to the loaning and distribution of funds. While the main responsibility of the agency is to assist entrepreneurs and small businesses, there are also other ways in which the agency helps individuals and others.
The purpose of the Small Business Administration is to help keep start-ups running smoothly while providing economic relief to those recovering from disasters. Activities which the agency deals with on a regular basis are often known as the 3Cs, which relates to counseling, contracts and capital. When it comes to capital, loans are often made through lenders such as banks, credit unions and others whom partner with the Small Business Administration on an ongoing basis.
One way in which the agency can help is through loans that are backed by a government guarantee. When obtaining loan, it should be noted that if the borrower falls into default, only 90% can be repaid by the government. After which, if the borrower does not repay the government, the government has the right to acquire and auction off the property in order to recover the funds.
When it comes to other duties of the administration, it assist the federal government by directing federal contracts to small businesses when and where possible. In addition, the agency focuses on sending a number of contracts to women and disabled veteran owned businesses. As such, the agency supports a number of minority owned businesses as well as those whom hire individuals from various minority related groups.
The agency offers student counseling at a number of colleges and universities around the country. For, if a student is interested in becoming involved with a small business or entrepreneurship, the agency wants to help see those dreams come true. In fact, the agency has already assisted over one million small business and entrepreneurs since it was formed in the 1950s.
The SBA has faced a number of obstacles and challenges since inception. For example, different administrations have often pushed for the closure of the agency. While this is the case, with the help of citizens, local governments and universities whom spoke up against those threats, the agency survived. After which, in 2010 the SBA was approved and received funds in what was the largest budget ever granted since the agency was formed in the 1950s.
Once again facing possible closure, those whom support the administration need contact local representatives. For, if not for pressure from members of the U. S. Congress and House of Representatives, the agency would have already been closed. Whereas, with the new focus on entrepreneurship and small business ownership, there are many whom hope this will not be the case in the future.
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