Analyze Funding Opportunities for Small Businesses, Including the Role of the Small Business Administration (Sba). Then, Evaluate the Effectiveness of These Funding Opportunities in Light of the Current Economy
Analyze funding opportunities for small businesses, including the role of the Small Business Administration (SBA). Then, evaluate the effectiveness of these funding opportunities in light of the current economy.
In this time of economic challenges, suggest two ways that the SBA might be of assistance to your small business. Explain how you would request this assistance.
Small businesses are leaders in innovation and drivers of the economy. Small businesses hold more patents than all of the nation’s universities and largest corporations combined, and create two thirds of all private sector jobs, employing half of all working Americans.
The Federal government is the largest buyer in the world, spending over $500 billion each year. For the Federal government, contracting with small businesses is common sense. Small businesses get the revenue they need to create jobs and drive the economy forward, and federal agencies get the creativity, innovation, and technical expertise of small businesses to help accomplish their mission. When small businesses are excluded from federal contracts, the Federal government, American taxpayers and the nation’s economy lose out.
Over 30 years ago, Congress set a goal of having a certain portion of all federal contracting dollars go to small businesses and established sub-goals for small businesses owned by women, socially and economically disadvantaged individuals, and service-disabled veterans of the Armed Forces, and for small businesses in Historically Underutilized Business Zones (HUBZones). The current government-wide goal for small businesses’ share of contracting dollars is 23%. Every year since 2006, the Federal government has missed the 23% small business goal and all but one of the sub-goals; the 2009 shortfall was greater than $4 billion. Removing barriers to federal contracting and increasing access for small businesses will go a long way in closing this gap.
Over the past 18 months, the Federal government
In this time of economic challenges, suggest two ways that the SBA might be of assistance to your small business. Explain how you would request this assistance.
Small businesses are leaders in innovation and drivers of the economy. Small businesses hold more patents than all of the nation’s universities and largest corporations combined, and create two thirds of all private sector jobs, employing half of all working Americans.
The Federal government is the largest buyer in the world, spending over $500 billion each year. For the Federal government, contracting with small businesses is common sense. Small businesses get the revenue they need to create jobs and drive the economy forward, and federal agencies get the creativity, innovation, and technical expertise of small businesses to help accomplish their mission. When small businesses are excluded from federal contracts, the Federal government, American taxpayers and the nation’s economy lose out.
Over 30 years ago, Congress set a goal of having a certain portion of all federal contracting dollars go to small businesses and established sub-goals for small businesses owned by women, socially and economically disadvantaged individuals, and service-disabled veterans of the Armed Forces, and for small businesses in Historically Underutilized Business Zones (HUBZones). The current government-wide goal for small businesses’ share of contracting dollars is 23%. Every year since 2006, the Federal government has missed the 23% small business goal and all but one of the sub-goals; the 2009 shortfall was greater than $4 billion. Removing barriers to federal contracting and increasing access for small businesses will go a long way in closing this gap.
Over the past 18 months, the Federal government