May 27, 2008
If you missed the last edition,
WAHMs,
click to get there!
SBA
Business Plans
The Small Business Administration is
one of the marvels of modern bureaucracy. It actually does what it
is supposed to do: It helps small businesses. While
perfection is not its strong suit, its services are front and center for
lots of small businesses. Simply put: the SBA will talk to a
lot of people that no one else will talk to.
Micro Companies. There
is a great program for small loans in the SBA. Often the SBA
advisors can arrange collateral that is non-traditional. This is
great for lots of home based start ups in particular.
Veterans.
The SBA works with veterans to help them acquire business financing.
This is one their better projects.
Mentor-Protege. Large companies often have access to contracts
that small companies don't. But BigCo has a better chance of
getting the contract if he has a minority partner. So the Mentor-Protege
Program was established. Its' a win-win situation for all.
Loan
Guarantees. When your local bank is uncomfortable granting your
loan, the SBA may be able to help out with a guarantee of that loan.
The SBA doesn't make direct loans to small businesses, but does
guarantee a lot of them.
Womens Program. The SBA was active in My Biz for Women long
before it was fashionable to do so, and is still active.
There are a lot more programs that the
SBA sponsors, especially in the training and resources area. The
SBA website is immense.
Tackle it when you have some time to wander.
So Why Bother With A Business Plan?
One of the most frustrating parts of
working with the SBA is the huge amount of paperwork they demand.
And there is a lot. With all that paperwork, you have to wonder
why you would bother doing a separate business plan. The answer is
simple: SBA folks are people too. When they see the amount of work
you have already done, they will be far more likely to help you to the
next level.
Don't ever underestimate the power of
your own presentation. It will put the right people in your
corner, and that is very, very important.
|
