As the U.S. Government has a vested interest in the health of small businesses, the SBA offers a variety of resources, articles and tools designed specifically to help you start and grow yours. Mark began working with the Mohawk Valley SBDC in 2012 to support his transition from a full-time job to full-time focus on his growing business. If a business with a Disaster Relief Loan defaults on the loan, and the business is closed, the SBA will pursue the business owner to liquidate all personal assets, to satisfy an outstanding balance.
Providing access to capital has been one of the SBA’s critical strategies in meeting its objective to drive business formation, job growth and economic expansion particularly in underserved markets since the agency was created in 1953. As a result of a government wide focus on increasing small business contracting opportunities, during President Obama’s first term (FY2009 – FY2012) the federal government awarded $376.2 billion in federal contracting dollars to small businesses.
The administration will continue to provide more than $1 billion in disaster relief loans to businesses and property owners, and it will offer $28 million in microloan financing and technical assistance to start-ups. According to the SBA report entitled Veteran-Owned Businesses and Their Owners (PDF),” small business firms owned by veterans employed 5.03 million people, had an annual payroll of $195 billion and receipts of $1.14 trillion.
As is seen above when you are going to do your own business there is a host of things that you need to take care of and Small Business Administration can help you there, over and above getting the money for you to start off. As market interest rates change, so will the maximum interest rates on these loans.
Typically, a new applicant should inject 33 percent of the total funds needed to start a new business. The BOS are assigned other priorities leaving minimal time for 8(a) business development. Linda McMahon, the co-founder of the pro-wrestling enterprise World Wrestling Entertainment, was selected Wednesday by President-elect Donald Trump to head the Small Business Administration.