If you are a small business owner you should be aware of the many different administrations available to you. You can choose from a variety of programs to help you grow and expand your company. In this article we’ll take a look at a few of the programs that are available to you.
Office of Advocacy
The Office of Advocacy for small business administrations provides small businesses with information on regulatory affairs and research studies. It also represents the interests of small businesses before federal courts and policy makers. However, some questions remain about its activities.
Although the Office of Advocacy for small business administrations claims to be an independent voice, it does not have any lines of supervision. That means that it does not monitor the quality of its information. In addition, it does not have a procedure to address reviewer comments. This can lead to procedural muck.
To ensure that the Office of Advocacy for small business administrator’s mission is fulfilled, Congress should rewrite the law to allow it to do more. Specifically, Congress should modify the size standards for small businesses.
Surety Bond Guarantee Program
There are a number of initiatives being run by the Small Business Administration to help people with their business needs. One of them is the Surety Bond Guarantee Program. This program helps small contractors obtain bonds. The SBA guarantees bid, performance, and payment bonds, and also offers maintenance bonds for defective workmanship.
For many small contractors, securing surety bonds is an obstacle. New contractors usually lack the experience, credit, and financial strength needed to get approved for the more traditional bonds. If you are in this boat, the best way to get out is to use the Small Business Administrations Surety Bond Guarantee Program.
The Small Business Administration (SBA) offers low interest loans to qualifying individuals, business owners, and renters. Whether you have suffered from a fire, tornado, hurricane, flood, earthquake, or any other disaster, SBA is available to help.
Among the ways SBA provides financial assistance is through the Home and Personal Property Disaster Loan. This loan can be helpful in the aftermath of a disaster, especially if your insurance coverage is not enough. Applicants must submit a completed application and IRS Form 4506-T.
Homeowners and renters may borrow up to $40,000 to repair or replace their personal property. Items that qualify for this loan include automobiles, clothing, furniture, appliances, and more.
Equal Opportunity Loans
The Small Business Administration offers a variety of government-backed loan programs to help small businesses get started, grow, and maintain their business. It also provides disaster loans to businesses affected by disasters.
Small Business Administration Loans can be used for a wide variety of purposes, including working capital, supplies, or business equipment. They are available for borrowers with low-to-moderate incomes. However, the SBA does not guarantee loans for the full cost of projects.
Businesses seeking financial assistance from the SBA must agree to abide by a non-discrimination policy. This policy must cover all services offered by the organization and should include the provision of equal employment opportunities.
Women-Owned Small Businesses
Women-owned small businesses have a big role to play in growing the local economy. In fact, women-owned businesses are one of the largest sectors in the US. They are responsible for producing nearly two trillion dollars in sales. However, there are some significant challenges that women-owned small businesses face.
The federal government sets a goal of awarding 5% of its total contracting to Women-Owned Small Businesses (WOSBs) each year. It also limits competition for certain contracts to WOSBs.
However, the federal government has only achieved this goal twice since 1994. One reason is that small businesses account for a mere 44 percent of all economic activity in the U.S. Consequently, the number of small businesses participating in federal procurement has declined substantially over the years.
Office of Human Resources Solutions
The Office of Human Resources Solutions (OHRS) has a number of tools to make small business administrations easier. It can help you streamline your processes, develop employee retention programs, and even write accurate job descriptions.
The OHRS works with the Small Business Administration (SBA) to create a work environment that will attract and retain top talent. As part of their consulting services, they can design a strategic plan that meets your goals.
When it comes to HR, the most important thing is making sure that you have the right people in the right roles. With a clear strategy, you can reduce the risks associated with managing your workforce.
