If you are interested in starting a business, there are many different funding opportunities available. One such option is the Small Business Administration’s 7(a) Loan program. It also offers information on the 8(a) Business Development Program, which is a certification program offered by the SBA. There are other government funding options as well, including CDC’s Fiscal Year (FY) programs.
CDC’s Fiscal Year (FY)
The CDC’s Fiscal Year for Small Business is September 1 to September 30, 2018. The program supports a broad range of small businesses and helps them grow and create jobs. CDC offers low-interest loans to small businesses of all types. These loans are designed for businesses that are profitable and have the potential for job creation.
SBA’s 7(a) Loan program
Small business owners looking for capital may want to look into the SBA’s 7(a) Loan Program. The program allows them to receive loans in amounts ranging from $50,000 to $5 million. The loans can be used for a variety of business purposes and require a personal guarantee from each owner. There are two types of 7(a) loans: the Small Loan and the Export Loan. Both of these loan programs are designed for businesses that are exporting and are seeking financing for their operations.
SBA 7(a) Loan Program guidelines are based on the use of the loan proceeds. This is sometimes referred to as loan term or maturity. Generally, the SBA requires lenders to provide loans with a term as short as possible, however, this can vary. The SBA looks at how the loan proceeds will be used, including the useful life of the assets. For example, real estate loans can have a 15-year term if they are being used to build or renovate a new facility.
8(a) Business Development Program
The 8(a) Business Development Program is a federal grant that helps small businesses compete for government contracts. It aims to level the playing field for disadvantaged small businesses by providing unique business assistance. Eligible businesses can receive sole-source contracts valued up to $4 million, and as much as $6 million for manufacturing contracts. The program also offers opportunities to partner with other eligible businesses.
8(a) business development assistance may take many forms, including business counseling, access to capital, contract marketing guidance, and procurement assistance. The program also helps small businesses obtain federal government surplus property. Small businesses may qualify for the program by proving their technical expertise and identifying potential contract opportunities. Small businesses will also be provided with mentors and other helpful resources.
8(a) Certification Program
The 8(a) Certification Program for small business provides businesses with access to a variety of government contracts. The program aims to ensure equal opportunities for small business owners. The federal government awards 5% of its contracting dollars to small businesses that are certified by this program. Additionally, this certification allows businesses to compete for sole source contracts and set aside contracts.
To apply for the 8(a) Certification Program, a small business owner must first meet with a local SBA representative. There are SBA district offices around the country and you can find a local representative in your area by visiting the SBA website. The next step is to complete the SBA 1010c form, which serves as an official 8(a) business plan. The form includes questions to determine your company’s objectives and goals. The SBA representative will help you complete the form.
SBA’s National Ombudsman
On August 19, the SBA’s National Ombudsman will host a public hearing in Washington, DC, to hear concerns about excessive and unfair federal regulatory enforcement actions. The hearing is intended to give small businesses a voice and to provide them with resources that will help them navigate the complex regulatory process. SBA’s National Ombudsman is an independent office within the SBA. It is responsible for resolving disputes involving government contractors and the small business community.
The National Ombudsman’s office works directly with federal regulators to resolve complaints regarding excessive and unfair enforcement of federal regulations. These complaints can involve repetitive audits, investigations, excessive fines, threats, or retaliation. The office’s mission is to create a level playing field for small businesses.
