For many small business owners, navigating the maze of available support can be overwhelming—especially when time is short and resources are stretched. Yet among the most valuable but underused tools for entrepreneurs are programs offered by the U.S. Small Business Administration (SBA). While well-known SBA loans often get the spotlight, several lesser-known initiatives offer critical help in areas like mentorship, federal contracting, and innovation funding.
Here’s a closer look at five SBA-backed programs that could provide the boost your business needs in 2023 and beyond.
1. Small Business Development Centers (SBDCs)
Located throughout the country, SBDCs offer personalized support to entrepreneurs at all stages. These centers provide guidance on business planning, financial management, marketing strategy, and access to capital. Their mission is to help small businesses thrive by offering one-on-one consultations, training sessions, and specialized assistance. Whether you’re starting from scratch or scaling up, SBDCs are an invaluable resource for practical and strategic advice.
2. SCORE Mentorship Program
With a volunteer network of around 10,000 experienced professionals, SCORE offers free mentorship to entrepreneurs across industries. Since its founding in 1964, this nonprofit has assisted millions of small business owners with everything from refining business plans to navigating HR challenges. Mentors are available for virtual and in-person meetings and can help you tackle specific problems or work with you long-term. In addition to mentoring, SCORE provides webinars, online training, and toolkits to support business growth.
3. Government Contracting Assistance
Each year, the federal government sets aside a portion of its contracts specifically for small businesses. Programs within the SBA help businesses compete for this funding by offering certification and training for specialized categories—including women-owned, veteran-owned, and HUBZone-based businesses. Many entrepreneurs miss out simply because they aren’t aware these opportunities exist or assume they don’t qualify. With billions awarded annually, taking the time to certify your business could open the door to valuable contracts.
4. Small Business Innovation Research (SBIR) Program
For companies developing cutting-edge technologies or scientific solutions, the SBIR program offers a pathway to turn early-stage research into market-ready products. Often called “America’s Seed Fund,” this initiative provides non-dilutive funding to support innovation in areas ranging from healthcare to clean energy. Though the application process is competitive, it’s worth exploring if your business focuses on research and development. With thousands of awards granted each year, the SBIR program helps small businesses bring big ideas to life.
5. SBA Loans and Equity Programs
Beyond traditional bank lending, the SBA offers several loan and capital programs designed to support small businesses with varying needs. From microloans for startups to growth-focused investment capital, these programs can make a significant difference in a company’s ability to expand, hire, or weather financial challenges. They also often come with more favorable terms than standard commercial loans, making them worth investigating.
Even though millions of businesses benefit from these programs, far too many entrepreneurs remain unaware of them. Taking the time to explore what the SBA has to offer—and speaking with mentors or local advisors—can help you uncover resources that might otherwise go unused. The key to long-term success may be closer than you think, waiting in programs designed to empower and elevate America’s small business community.
