by Elmy Bermejo
IF your New Year’s Resolution is to embark on your entrepreneur journey, whether it is taking the leap to start your business, open a storefront, or purchase a building, the U.S. Small Business Administration is here to support your journey.
The SBA is a federal agency that has been around for 70 years, providing free or low-cost resources to small businesses.
As the appointed Regional Administrator for Region 9 by President Biden, I have the honor of working with SBA leadership across California, Arizona, Nevada, Hawaii, and Guam to bring local resources to underserved entrepreneurs.
Many start-up business owners use internal funds, such as their personal savings or loans from friends and family, to start a business, and some even use credit cards with high-interest rates. I grew up seeing these challenges with my own family as they started their restaurant business in San Francisco. At SBA, we work with entrepreneurs who may not qualify for traditional bank loans. We sit down and help them prepare a complete business plan including financials, marketing, human resources, bookkeeping, and more. Then we connect entrepreneurs with a lender and provide a loan guarantee at a much lower rate than they would pay with other loans or credit cards. The result is helping more small businesses get started and grow.
It’s noteworthy that small businesses contribute to job growth, accounting for two out of three net new jobs. Small businesses provide essential goods and services that enrich our local communities.
To assist small business owners in realizing their entrepreneurial aspirations, here are 10 resources they can utilize today to make their entrepreneurship dream a success:
10 SBA resources for entrepreneurs
- Funding:Our Lender Match program, available online, establishes a connection between entrepreneurs and financial institutions that offer SBA-Guaranteed Loans. These loans can be used for business purposes, including operating capital and financing equipment and other long-term fixed assets.
- Business Plan Development:Small Business Development Centers provide free, individual counseling, affordable training services, market research, and additional resources to support entrepreneurs.
- Mentoring: SBA resource partners, including SCORE, offer small business owners free mentoring, allowing small business owners to glean insights from individuals who have navigated similar entrepreneurial paths. SCORE is a network of thousands of volunteer business counselors around the country who mentor and educate small business owners. SCORE provides free in-person and online counseling as well as educational workshops.
- Government Contracts: The federal government uses special programs to help small businesses win at least at 23% of all federal contracting dollars each year. SBA provides several programs to help small businesses win federal contracts. Participating in these programs helps small businesses: Win a fair share of federal contracts; Qualify for exclusive set-aside and sole-source contracts; Partner with established contractors to win contracts; Get business mentoring and education to learn how federal contracting works.
- Executive Level Training: SBA’s T.H.R.V.E Emerging Leaders Reimagined program is a no-cost ‘mini MBA,’ an executive-level training series designed to accelerate the growth of high-potential small business owners. We encourage entrepreneurs to reach out to their local SBA office to find out where this program is being offered and apply.
- Woman Entrepreneurs: Women’s Business Centers play a crucial role in supporting women entrepreneurs in starting and expanding their business, offering a comprehensive array of services catering to women entrepreneurs at every stage of planning, implementation, and growth.
- Entrepreneurial Programs for Service Members and Military Spouses: Boots to Business (B2B) is an entrepreneurial education and training program offered by SBA as part of the Department of Defense’s Transition Assistance Program (TAP). B2B provides participants with an overview of business ownership and is open to service members (including National Guard and Reserve) and military spouses.
- International Market:Export Assistance Centers help small businesses enter the international marketplace. Entrepreneurs can learn how to export, participate in foreign trade missions and trade shows, translate websites, and design marketing campaigns.
- Online Resources:SBA.gov/events includes online resources and information about upcoming webinars to assist entrepreneurs in overcoming common business challenges.
- Local Support:SBA District Offices can connect you to local SBA resources, mentors, and training. Visit www.SBA.gov for more information.
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Elmy Bermejo, Regional Administrator for the U.S. Small Business Administration’s Region 9. She oversees the agency’s programs and services in California, Arizona, Nevada, Hawaii and Guam.