The Small Business Administration can be quite helpful with all the resources that they offer. There is a special service that includes experienced business owners and managers who provide counseling and consultancy services to new business owners. This will allow you to learn from real-life entrepreneurs; and most of the time, such knowledge cannot be found in books or classes.
It has been said that “no man is an island,” and similarly, nobody can know everything in business; nor will you be expected to know everything. However, advice from experienced entrepreneurs is likely to channel you to the appropriate resource to learn what you need to know. This will allow you to improve your business skills and to bring your business to new heights. It is always a good idea to seek feedback from outsiders in order to learn how you may need to improve or change your business model.
There are also many loan programs that are offered by the Small Business Administration, such as the Patriot Express program that is geared towards veterans, military members and their spouses. Another important facility is the 7(a) Loan Guarantee program, which assists small business in obtaining a loan. The Small Business Administration can direct you to participating banks that will be more open towards small businesses since these loans are guaranteed by the federal government.
This is done in order to promote the development of small businesses. There is also the micro-loan program that is operated by non-profits and can fund start-ups for amounts less than $35,000. The Small Business Administration can refer you to the appropriate service depending on your needs. However, the most important service that you can get from the Small Business Administration comes in terms of support, rather than from actual financing facilities.