SBA offers assistance for all stages of business

RAPID CITY, S.D. — No matter what stage your business is in, the Small Business Administration has assistance available.

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graphic credit: Pixabay/SBA

According to Jamie Wood, District Director for the state’s SBA Office, small business can come in all shapes and sizes. Sole proprietor or all the way up to 500 employees, virtual or in-person, Wood says the list goes on to incorporate myriad business from start up to disaster response.

Additionally, they offer training, counseling, mentoring, financial projections, federal supply chain access, contracting, and access to vendors and lenders.

“Being prepared to being able to take that business proposal and make a pitch to a lender so that you can successfully get access to operational capital needed to start or grow a business,” said Wood. 

Women-owned businesses are a specific minority the SBA is trying to reach out to for involvement. Women do not need to solely make up ownership. At least 51% of a business has to be owned by women in order to be classified as “women-owned”.

“We’re finding that women startups across the nation are actually outpacing their male counterparts. But one of the areas that’s an opportunity is to help women get to the yes, at the lending table with all lenders, the male and female lenders, to make sure that they are getting to the yes at the same rate of speed that the male counterpart owners do,” said Wood. 

Temporary access is still available for certain disaster responses including the COVID-19 pandemic and weather damage from recent wind and hail events.

To find out what you and your business may qualify for, go to SBA.gov, click on the drop-down menu for local assistance, put in your zip code and resources available will populate.

Categories: Local News, South Dakota News