Financial Aid from the Government for Small Businesses

By Naomi Abbey | January 30, 2021

Let’s face it, a lot of businesses today such as those selling tanque de polipropileno are having a hard time to survive. But that is why we have a government. The government offer assistance on local, state or federal level. There are different forms of assistance available that can be in form of:

Loan or
Grant

Government Contract Assistance

Believe it or not, the Federal government is spending billions annually on services and goods. Much of this money goes through competitive bidding procedure. These programs have been created to help out small businesses, which enable them to have better chances of competing for federal contracts.

On the other hand, for a small business to land such contracts, they must be any of the following:

Service-Disabled Veteran-Owned Small Business Program

This is simply known as SDVOSB. This is where the federal government is looking forward to award a minimum of 3 percent of federal contracting dollars to these types of businesses per year. It provides assistance among small business owners who have been in the military and got out.

Any eligible small businesses should be over 50 percent controlled/owned by one or several service-disabled veteran, have long-term goals and day-to-day operations managed by one service-disabled veteran.

Women-Owned Small Business Program

Otherwise referred to as WOSB; this is when the federal government is seeking to award a minimum of 5 percent of federal contracting dollars among WOSB each year. With this SBA program, the Office of the women’s Business Ownership offers assistance among women entrepreneurs. The assistance can be anything from providing counseling, business training, access to capital and credit and federal contracts. Their objective is providing an equal opportunity among businesses who are owned and managed by women.

8(a) Business Program

The goal of this program is to help small businesses that are operated by socially and economically disadvantaged entities. It’s attained by limiting the competition for specific government contracts to businesses that took part in 8(a) business program.

HUBZone Program

In this program, it is focused on helping businesses in the underutilized business zones by giving them competitive advantage in relation to other government contracts.