This part of the Small Business Administration focuses on connecting businesses with access to all levels of funding, from microtransactions to venture capital. Small businesses tend to need money, however, and that's where the second office comes in. Even a small fraction of that money is enough to help many small businesses survive, making this an invaluable opportunity for any company it applies to.

The government has a statutory goal of 23% of prime contracting dollars going to small businesses - which comes to about $100 billion going to small business contractors every single year.

If a given business offers a service that the government would find useful, the Small Business Administration can help it bid for, and receive, a contract to provide that service. The SBA offers service and support through four primary methods - many of which can help small businesses survive their first few years. What can the SBA do for small businesses? The SBA offers educational resources to help entrepreneurs manage the complexity of growing a business. The joint explanatory statement accompanying the Consolidated Appropriations Act, 2022 includes a provision for GAO to review agencies' implementation of Community Project Funding/Congressionally Directed Spending.įor more information, contact William B.Definition: The Small Business Administration (SBA) is an agency of the Federal Government that exists to serve, support and protect the interests of small businesses. SBA plans to obligate funds to all recipients by the end of September 2022 and recipients can request up to 5 years to spend the funds. Funding ranged from $50,000 to $3 million, with most projects receiving less than $1 million. The remaining recipients are tribal, territorial, state, and local governments. The designated recipients of these funds are mostly higher education organizations and other nonprofit organizations. The intended uses of these funds are to support small businesses through various projects, including business incubators and resource centers. GAO described, among other things, information about the intended uses for these funds, the recipients to whom they were designated, and when SBA expects recipients will have access to the funds: Senate and 'Community Project Funding' in the House of Representatives. These provisions are called 'Congressionally Directed Spending' in the U.S. The act includes specific provisions that designate an amount of funds for a particular recipient to use for a specific project.

The Consolidated Appropriations Act, 2022 appropriated $83 million to the Small Business Administration (SBA) for 128 projects at the request of Members of Congress.

Small business administration