Tags: Government | Benefits | Programs | Small Businesses

Top 8 Government Benefits, Programs Small Businesses Need to Know

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By    |   Sunday, 09 Jul 2017 11:08 AM

Small businesses can improve significantly and maintain strength through many government benefits and assistance programs. No matter what type of business you have, taking advantage of these options will remove obstacles that interfere with running a company smoothly.

Entrepreneurs may face struggles starting a business, growing their operation, or keeping a healthy cash flow. That’s when government services can play a role. These are resources you help pay for, so why not use the means available for a successful enterprise?

Here are eight of the top government benefits and assistance programs small businesses need to know about:

  • Guaranteed loans — Small business owners who can’t find reasonable financing may apply for the guaranteed loan program under the Small Business Administration (SBA). Qualified lending partners reduce risk through the program because the SBA guarantees the loans will be repaid. There is also a MicroLoan program for smaller loans to start-ups and newly established businesses, according to Benefits.gov.
  • Connecting borrowers — Small businesses can locate SBA qualified lenders and other government resources for financing through government and private company websites such as BusinessUSA.
  • Surety bonds — A surety is a type of insurance that assures a task will be completed for a contractor’s client if the contractor is unable to finish a job because of various reasons. The SBA provides bonding programs that cover bids, performance and payment bonds for eligible contractors.
  • Venture capital investments — The SBA’s Small Business Investment Company (SBIC) program matches investment firms with the needs of small businesses for growth through debt or equity financing.
  • Guidance — Small business owners and start-ups can find a wealth of information through the SBA. Entrepreneurs can learn more about starting a business, writing a business plan, choosing a business structure, business laws, and other valuable material from the agency’s site on starting a business.
  • Research grants — Small businesses involved in scientific research and development could receive federal grants under the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
  • Help for veterans — The small and veteran business programs under the Department of Veterans Affairs counsel, assist, and protect veterans who have small businesses. Veterans may also get training and education through such resources as the SBA’s free Boots to Business program, NerdWallet reports.
  • Tax benefits for hiring the disabled — Small business owners may receive tax credits or deductions for expenditures on access for the handicapped or hiring people with disabilities, the IRS explains. 

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No matter what type of business you have, taking advantage of these options will remove obstacles that interfere with running a company smoothly.
Government, Benefits, Programs, Small Businesses
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2017-08-09
Sunday, 09 Jul 2017 11:08 AM
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