The Small Business Administration typically offers programs for entrepreneurs, and that's not likely to change any time soon. However, with recent shifts in government, it's reasonable to look out for new priorities in 2017. There's still time to see what the incoming head of the SBA, Linda McMahon, will do, but here are some possible moves we might expect her and the new administration to make.
Supporting financial literacy
According to Entrepreneur, this is one of McMahon's main goals in her tenure, and it draws from her time working with World Wrestling Entertainment. She said that her experience in this field puts her on the same level as other entrepreneurs today, whom she hopes to educate.
"Like all small-business owners, I know what it is like to take a risk on an idea, manage cash flow and navigate regulations and create jobs," she said.
This is obviously a broad platform, but it could lead to initiatives that connect with different business owners and founders.
More roles for women entrepreneurs
According to Inc.com, McMahon supports working with women business owners and has organizational experience in that sphere. The SBA is already known for its programs that support women who own small businesses, including those who come from an economic disadvantage.
If McMahon chooses to develop these programs further, she has clear existing resources to start with. Business owners who plan to follow these developments can look for any future initiatives that might follow the same commitment.
Infrastructure
Businesses that support infrastructure could need loans for important developments, like new facilities or renovations for an existing building. Inc. also reported that McMahon wants more infrastructure roles for small businesses, so the new priorities of the SBA could reflect that as she takes her place.
Agency advocacy
Fortune made a few points about McMahon's aims by explaining the SBA's possible future. This included independence for the SBA and further contracting opportunities for small businesses that want to work with the government. The source said that McMahon's efforts could further competition in the country.
In Ohio, this may make it a good time for owners to prepare for new developments with an SBA 504 loan. There are requirements that make sure the business only makes a profit after taxes of under $5 million, but there's a long list of industries that can qualify simply based on their sector. As much as 40 percent of the project costs can come from the 504, including sizes as high as $5 million for non-manufacturing businesses.
These qualifications are separate from those that determine whether or not a business is deemed woman-owned under the SBA. For direction on how to get an SBA loan, business owners should turn to Growth Capital Corp. and its Ohio-specific resources.
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