Reach Your Full Financial Capability with Help from the SBA

A lot goes into small business success — hard work, vision, and resourcefulness. But perhaps nothing can help an entrepreneur achieve and maintain success more than a sound understanding of their finances. As the U.S. economy moves beyond recovery, financial literacy has never been more important.

Financial Literacy Month encourages all Americans — and the small business community in particular — to learn about best practices for improving their financial well-being. It’s also a reminder to establish or revisit overall financial projections and goals. Maybe you’re interested in obtaining a loan. Perhaps you simply want to increase your revenue or learn more about business taxes. Whatever your desire, the SBA has a resource for you.

Resource Partners

Want a clearer picture of your finances? A local business advisor can help. SBA resource partners host workshops, online trainings, and one-on-one sessions to assist business owners with everything from taxes to acquiring capital and buying or selling a business. They are also invaluable for entrepreneurs preparing to apply for a small business loan. A resource partner can run through your business plan, help you compile tax return documents and bank statements, and more - as you get ready to send your loan application to your lender.

Community Navigators

Underrepresented and underserved entrepreneurs often face obstacles in recovering, growing, or starting their own business, and the Community Navigator Pilot Program was created to knock down those barriers. Part of The American Rescue Plan, Community Navigators work with hundreds of local community groups to improve access to resources for America’s entrepreneurs. These community groups connect small business owners to critical resources, from financial assistance and access to capital to training in marketing, operations, business development, and exporting.

SBA Learning Platform

The SBA’s Learning Platform is your go-to for any small business topic. The Financing Your Business course, for example, is essential for an early-stage business. Information about loans, grants, venture capital, and crowd funding are some of the key topics covered. And it concludes with a downloadable worksheet for assesing your own financing needs. You can view all of SBA’s free online training courses here.

SBA-Guaranteed Loans and Lender Match

Some small business owners find that, while they’re creditworthy, they don’t qualify for conventional financing. That’s where SBA-guaranteed loans come in. The SBA works with participating lenders to reduce their risk, increasing the likelihood your loan will be approved with the terms that work best for you.

If SBA-guaranteed loans are a good fit for your business, the SBA makes it easy for you to access lenders via our Lender Match tool. Lender Match is a free online referral program that connects small businesses with more than 800 participating SBA-approved lenders.

Getting started is as easy as answering a few questions about your business. Afterward, you’ll receive an email with contact information from lenders who have expressed interest in your loan. From there, you’ll be able to compare rates, terms, fees, and more.

The SBA wants to help you boost your financial capabilities this month and beyond. No matter your finance goals, we stand ready with personalized guidance and proven tools and resources. Learn more at sba.gov.  

 

 

 

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