External Assistance for Start-ups and Small Businesses. There is a wealth of ext
ID: 397810 • Letter: E
Question
External Assistance for Start-ups and Small Businesses. There is a wealth of external assistance out there that you, the entrepreneur, have probably never heard of. Federal, state, and local governments and nonprofit institutions together offer a bewildering array of helpful resources. Do some online research on The U.S. Small Business Administration (SBA), Small Business Development Centers (SBDCs), Service Corps of Retired Executives (SCORE), and Small Business Institutes (SBIs) and write a summary of each detailing how they provide value to entrepreneurs.
Explanation / Answer
SBA: The government knows the importance of small businesses and its contribution to the economic strength and recovery of the country, especially as the economy stands today. Due to this, programs have been put into place to guide entrepreneurs to start their own businesses. The SBA was started in 1953 as an independent agency of the federal government. This organization guides and protects the interests of small business owners, to preserve free competitive enterprise and to maintain and develop the overall economy of our nation. The SBA was started as part of the Small Business Act of July 30, 1953.
SBDC: Small Business Development Centers (SBDCs) guide regarding marketing, finance and business-related activities to local entrepreneurs. They are a result of the partnership between the U.S. Small Business Administration (SBA) and a local college or university designed for growth of small businesses and jobs by imparting educational knowledge to business owners and those seeking to start new business. SBDCs combine private-sector technical expertise with the educational background of colleges and universities to provide entrepreneurs with the knowledge they need to feel confident in starting a business.
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