Now more than ever, small business owners need help. In light of COVID-19, forced closures, temporary shut-downs and physical distancing mean most businesses have taken a massive hit to their revenue streams.
Many small business advocates are sharing resources and various assistance programs available. But between the SBA, SBDC and government programs like the PPP, the acronyms are piling up.
Understanding the difference between various agencies and who does what can be the difference in getting the help you need.
Meet The Main Players
America’s Small Business Development Center (SBDC) is a resource partner with the Small Business Administration (SBA), a Cabinet-level government agency. Together, they work to provide guidance, training and resources to America’s business community.
As a partner of the SBDC, our goal is to share information and get you in contact with the right people to help you navigate the current COVID-19 pandemic as well as future challenging times.
Who Does What?
The biggest difference between the two agencies is that the SBA offers emergency loan and financing programs, as well as help accessing capital and government contracting. The SBDC, on the other hand, offers free webinars and one-on-one guidance on how to build and run your business effectively. The SBDC also helps businesses apply for loans, whereas the SBA does not.
Let’s break it down even further:
How to Contact The SBA or SBDC
- Explore SBA COVID-19 relief options here.
- Contact a local SBDC representative to help you navigate your options and receive counseling on next steps.