More often than not owners of struggling small businesses are so busy trying to keep their operations afloat that they don’t have the time or energy to step back and look at other options. In addition to alternative small business financing methods such as factoring accounts receivables (also known as invoice factoring), unsecured business loans, and small business start up loans, there are a number of ways down-and-out businesses can get financial assistance and direction.
The 8(a) Program Offers More Than Small Business Administrative Loans
One such offering is the Small Business Administration (SBA)’s 8(a) Business Development Program. Geared to help disadvantaged businesses, defined as those with more than 50% owned by socially and economically disadvantaged individuals, the program provides a wide range of helpful and no-cost services. Though it can be helpful in a number of ways, the program is noted for helping small business owners gain some traction in government contracting, which can be difficult to navigate on one’s own. The program helps laboring and wet-behind-the-ears entrepreneurs understand the small business finance landscape and opportunities that are available to them.
Get Funding for Small Businesses & Solid Advice at the SBA
The 8 (a) Business Development Program can help participants in a number of ways by providing small business funding (including but not limited to small business administrative loans) as well as consultation regarding marketing plan, business operations, procurement assistance, networking / mentoring and more. The training provided by programs such as this one has proven invaluable to many small business owners.
Because many of these programs operate within the restraints of a small budget themselves, many of them are not well known. As it does provide considerably small business finance and training assistance, the program, which has a nine-year shelf life, is meant to be a starting point and not an end point. By learning the fundamentals of small business ownership and success, the program’s goal is that participants will become self-sustaining and be able to leave the program and perhaps become mentors themselves someday.