SBA District Office Newsletter | June 2021

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Elevating Small Business Series on June 24 at 1 pm EDT

 

Join the U.S. Small Business Administration (SBA) for an online panel discussion with Lesbian, Gay, Bisexual, and Transgender-owned small businesses as they share their small business stories and how they utilized SBA’s economic aid to pivot during the pandemic. You will also learn about the SBA resources available to help entrepreneurs compete in the marketplace: launch or expand businesses; receive counseling; funding opportunities; and help to recover or rebuild from disasters.

 Register now


summer school

 

Whether you're looking to start a small business or expand your current one, SBA's digital learning platform has everything you need to educate yourself on entrepreneurial best practices and available financing options. Take advantage of SBA’s free online courses. 

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cybersecurity tips

 

Cyber attacks are a growing threat for small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cybercrimes reached $2.7 billion in 2020 alone.

Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses.

According to a recent SBA survey, 88% of small business owners felt their business was vulnerable to a cyber attack. Yet many businesses can’t afford professional IT solutions, they have limited time to devote to cybersecurity, or they don’t know where to begin.

Start by learning about common cyber threats, understanding where your business is vulnerable, and taking steps to improve your cybersecurity.

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EIDL

 

COVID-19 Economic Injury Disaster Loan

Eligible small businesses, nonprofits, sole proprietors and independent contractors can still apply for the Economic Injury Disaster Loan.

Targeted EIDL Advance

The Targeted EIDL Advance provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Advance funds of up to $10,000 will be available to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Supplemental Targeted Advance

The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria. The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000.

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SBA Announces Funding Competition to Organizations Providing Federal Procurement Training to Veteran Entrepreneurs

 

The U.S. Small Business Administration announced that non-profit organizations and private sector firms are now eligible to compete for funding of up to $500,000 to deliver federal procurement training to veteran and service-disabled veteran entrepreneurs. The application period begins today through July 12, 2021.

Up to two awardees will use the $500,000 in total funding to participate in the Veteran Federal Procurement Entrepreneurship Training Program (SB-OVVT-21-001) with grants from SBA’s Office of Veterans Business Development. Awards will be made for a base project period of 12 months, with three option periods of 12 months each. These funds will be used to cover the costs of educating veterans and service-disabled veterans who intend to pursue, or are already engaged in, federal procurement.

SBA’s Office of Veterans Business Development will host a conference call on Tuesday, June 22, 2021, at 2 p.m. EDT to answer questions related to the Veteran Federal Procurement Entrepreneurship Training Program grant announcement. Please submit any questions to Jerry Godwin at jerry.godwin@sba.gov no later than Thursday, June 17, 2021. To join the call, please use the following information:

Information, including a transcript of the conference call once it is available, will be posted on grants.gov and sba.gov.

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Spring Economic Bulletin

The SBA Office of Advocacy’s bi-annual Economic Bulletin  examines new data on how small businesses have fared during the COVID-19 pandemic. The pandemic caused an economic shock, which led to business closures and job losses. However, there are signs of recovery in proprietor income and job growth.  

 

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Grow Your Small Business Through Exporting

In today’s global, interconnected economy, it’s no surprise that there are major sales opportunities abroad for U.S. businesses. Nearly 96 percent of consumers live outside of the U.S., and two-thirds of the world’s purchasing power is in foreign countries. Small businesses can take advantage of the benefits of exporting to recover from the pandemic. Get out ahead by following these steps and developing your own export plan.

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How to Get a Business Loan

Running a small business presents financial challenges in the best of times, but these problems are amplified during a pandemic. According to the 2021 Small Business Credit Survey by the Federal Reserve, 80 percent of companies experienced financial challenges in the past 12 months. This is a significant increase from 2019 when only 66 percent of firms experienced financial struggles.

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Let us hear from you!

 

Do you have three minutes? Take SBA’s Customer Experience Feedback Survey to help us better serve you. Your feed back is valuable and will help us better determine how we can improve our services. This survey is intended for current and prospective small business owners who have interacted with an SBA office. All responses are anonymous. Thank you in advance for your time.

Launch the survey