With proper consultation, entrepreneurs can learn about how to get an SBA loan at the best overall cost for them. Native American business owners in particular can turn to the organization for multiple tools and resources, as well as the assistance to help choose the right creative financing options.
According to the United States Census, as of July 1, 2015, .3 percent of the Ohio population identified as "American Indian and Alaska Native alone," while .1 percent were "Native Hawaiian and Other Pacific Islander alone." However they classify themselves, business applicants can look to the following resources for help with securing important business capital:
- The 8(a) Business Development Program: The SBA describes this as a series of resources that provide help on multiple levels. including management, guidance and a chance to become a government contractor. The program itself specializes in firms in which more than half of operations are controlled "by socially and economically disadvantaged individuals."
- The 7(j) Management and Technical Assistance Program: Last year, the SBA announced that this program would dispense $700,000 worth of grant funds for eligible Native American firms. Seven individual grants of 100,00 each were awarded to recipients based in various states, from Oklahoma to Montana to Hawaii.
- The Native American Business Development Institute Grant: Though not an SBA loan, that organization does link to this site as a possible resource. Eligible villages, tribes and other groups can use feasibility studies from this source in their efforts to secure capital.
For more business development options, contact Growth Capital today. We have programs that take advantage of local resources and can help you save money while getting your business ready to grow. Join our mailing list to get regular updates.