The economy is sluggish and lenders are still not willing to lend indiscriminately. So, finding finance can be a problem for start-ups and small businesses. The SBA is the primary resource for entrepreneurs to nurture or start a small business.
SBA is known to provide many financial assistance programs such as 7(a) loan program, the 504 loan program, SBLF and so on. Each of these programs is designed to meet important financial needs like debt financing, equity financing and surety bonds. SBA also facilitates loan for start-up operators through third party lenders. It also guarantees bond and helps in finding venture capital. SBA sets the guidelines to help lenders and community development organizations make loans to small business owners.
SCORE is yet another non-profit organization that is dedicated to the success, growth and formation of small businesses nationwide. The organization offers counseling and mentoring for start-up businesses. It has helped 8 million small businesses after being founded in 1964. The organization focuses on existing businesses, start-ups and improving business condition.
There is also the Office of Economic Development (OED) that helps small business organizations in international trade. It provides all assistance needed and has several opportunity programs to help small businesses meet their export needs.
Then the Nevada Investment & Trade Revenue Opportunities (NITRO) is also there to help small businesses market their products overseas. Under NITRO there are partnership funds and access to global resources. It is partly funded by $239,318 SBA grant through the State Trade and Export Promotion (STEP) Pilot Grant Initiative.
STEP Pilot Grant Initiative makes grant available to states so as to support small businesses in export programs. The purpose of STEP program is to help increase number of small businesses involved in exports and also increase the value of their exports.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com