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Running a business is challenging for any small business owner. Without proper support, trying to get financing is even more difficult. Planning to grow and expand your business is much more difficult if you don’t have an expert to discuss your plans and help you make the right business decisions. As an employer, you know that your decisions affect your employees, and sometimes it’s scary.
I’ve seen this firsthand with hundreds of entrepreneurs. Too many wanted to succeed in any way that was detrimental to themselves and their business.
For example, an entrepreneur can get a high-interest loan, tap into their retirement savings and use it to grow their money and stay in business. The monthly payment on the loan was more than the income generated – and the owner paid a great price in money. This should not be an issue for your business.
As President Joe Biden’s White House appointee to lead the US Small Business Administration’s Atlantic Region, I have seen firsthand how SBA programs and resources are making a difference. Epidemic-related programs, for example, pumped $42 billion into New Jersey’s small business ecosystem.
Our custom programs make a big impact by providing capital to small businesses looking to start, grow and expand. Last year in New Jersey and metro New York, the SBA guaranteed more than $3.1 billion in traditional loans to 4,400 small businesses supporting more than 40,000 jobs. Together, SBA’s cultural and epidemic assistance programs are revitalizing our local and national economies.
In addition, SBA lending networks provide startups with microloans of up to $50,000, which provide working capital loans of up to $5 million. At every stage in the small business life cycle, the SBA is there to help you grow.
The SBA provides technical assistance to small business owners and entrepreneurs through its local resource partners. A.D. In 2021, SBA-supported counseling services provided free training and technical assistance to nearly 27,000 small businesses at Small Business Development Centers and Veterans Business Development Centers at local colleges and universities.
Additionally, thanks to equity investments by Biden and SBA Administrator Isabella Casillas Guzmán, SBA-funded Women’s Business Centers are located in every state in the country.
SBA also awarded $100 million in funding to nonprofits through the Community Navigators Pilot Program, a multi-speaker organization serving local neighborhoods, including Lakewood Community Service Corp., designed to connect more people to our programs and services. .
These new initiatives help SBA meet entrepreneurs and small businesses where they are, proactively connecting them with funding, mentoring, training, contracts and grants. Our focus is on building a better America through entrepreneurship – and with more than $1.3 trillion in Covid economic assistance programs ending, you can still use the SBA’s traditional loan programs to support your business needs.
Although many have not heard of the SBA pandemic, our agency is eager to serve the millions of new businesses that the Biden administration is supporting, especially those that have recently opened. In fact, during Biden’s first year in office in New Jersey, residents applied to start more new businesses than any other year in history, and we look forward to helping them grow.
SBA is your business partner. We are passionate about helping you succeed. Your success is the success of this nation. Your business is a major employer in the state and nation. They are providing essential products and services to other Americans. Your workers’ wages are generating more economic power in your community, which in turn supports your state’s economy. We’re ready to help you succeed with below-market capital, advice and support. Let’s do this; Let’s build a better America by finding an SBA Resource Partner near you at www.sba.gov/local-assistance.
Marlin It’s Cintron. Atlantic Regional Director of the US Small Business Administration.
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