Small business administration also referred to as SBA is an agency that gives support to small businesses and also to entrepreneurs. It is a United States government agency whose aim is to maintain and strengthen the nation’s economy enabling the establishment of small businesses and and also assisting the economic recuperation of communities after disasters. The activities of the agency are summarized as the 3cs which means capital, contracts, and counseling.
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SBA Loans – Small Business Administration (SBA)
It helps in leading the federal government to give twenty-three percent of federal contracts to small businesses, making them grow in every possible area. SBA indulges in programs ensuring that every federal contract reaches woman-owned small businesses and service-disabled businesses. This agency gives grants to help counseling partners including 400 small business development centers, 110 women’s businesses and so much more. The counseling services ensure services to over a million small business owners and entrepreneurs.
It has a different organizational structure. The following are structures in which SBA operates in
- Business development.
- Capital access.
- Employment opportunity.
- Communications and public liaison.
- Disaster assistance.
- Credit risk management.
- Field operations.
- Congressional and legislative affairs.
- Entrepreneurship education.
- Business development and so many more.
All having an associate administrator in the offices, SBA was created on July 30th by President Eisenhower and it is currently headquartered at 409 Third Street, SW, Washington, D.C
How to Start a Business
To start a business you need to know what it takes before you can start a business. You need to know the characteristics to be an entrepreneur, what it takes to start, and how to succeed. Begin your preparation and plans for the business. Ask yourself a question to make sure you are ready. There are 10 steps to take to start a business
- Write a business plan: Have a snapshot of your business, a description of your company, research on your business industry, what do you seek, sales strategy and so many more.
- Get business assistance and training: indulge in counseling and training services.
- Choose a business location: Get advice on how to get a customer-friendly location.
- Finance your business: Find government-backed loans, venture capital and so many more to help you more started.
- Determining the legal structure of your business: Decide which type of ownership that suits you.
- Register a business name: Register your business name with your state government.
- Understand employer responsibilities: Understand the steps you need to hire employees.
- Register for state and local taxes: Register with your state to obtain insurance, and tax identification number.
- Obtain business licenses and permits: know several federal state permits needed for your business.
- Find local assistance: Contact your SBA office to learn more about how SBA can help.
How to Manage your Business
To guide and manage your business effectively and also to grow your business, you need to know how to run your business and succeed. Here are nine steps to follow and also to manage your business effectively
- Running a business: to run a business you need to know what to do to make your business a success.
- Leading your business: Lead your company to success by excelling in your role as a leader.
- Growing your business: Make plans and prepare for how to successfully grow your business.
- Business laws and regulations: Know how to handle day-to-day legal issues.
- Business guides by industry: Get to know valuable information on the line of your business.
- Exporting: Indulge in counseling, training, and financing to support business opportunities.
- Closing down your business: Know the right step to take when you want to retire.
- Cybersecurity: Take stock of your cybersecurity health.
- Forms: Make analysis and paperwork on how to manage your business.
SBA Loans and Grants | SBA Loan Payment
the loan guarantee program is set to help entrepreneurs start or expand their small businesses. It makes available capital to small businesses through bank and non-bank lending services. SBA guarantees that these loans will be repaid. There are various type of loans that is available to users
SBA provides low-interest disaster loans to businesses of all sizes homeowners, renters, private organizations and so many more. These loans can be used to repair the following things, damaged in disasters;
- Personal properties.
- Machinery and equipment.
- Inventory asset.
- Business asset.
- Real estate.
This program provides loans to help small businesses and nonprofit childcare centers stand up and expand. They provide the funds to leaders with nonprofit platforms. These loans are used for;
- Working capital.
- Inventory or supplies.
- Furniture or fixtures.
- Machinery or equipment.
How to register on SBA
To have access to SBA you need to have an account, and to have an account you need to register. follow the simple step below to register your account
- Visit the link www.sba.gov.
- Tap on the register icon on the top corner of the page.
- Create a username.
- Enter your email address.
- Type in your password (must contain one digit, 8 characters, one lowercase, and uppercase).
- Confirm password.
- Agree to the terms.
- Click on the option that says you are not a robot.
- Tap on the Create New account icon.
SBA Login – How to Login on SBA |
If you are an existing customer all you need to do is to
- Visit the link www.sba.gov.
- Click on the login icon above.
- Enter your username.
- Type in the password that correlates with your username.