Government Assistance for Small Businesses.
By Clifford Woods
Government lending a helping hand to small businesses.
The governor’s office of small business assistance Texas works with partners to help small businesses raise capital. There are various types of funds that can be availed of according to the requirement.
Product development and small business incubator fund.
The Product Development and Small Business Incubator Fund (PDSBI) provides financing to Texas businesses, backed by assets. It offers direct asset-based loans with competitive lending rates.
Non-Profit lenders.
Non- profit lenders provide small businesses with favorable terms like low-interest rates and other helpful things like mentoring, advice, and workshops. The loan decisions are based on factors more than the business financial statement like mortgage capacity, loan repayment options, etc.
- BCL of Texas– It promotes business development by providing capital loans. BCL also gives real estate loans and has helped create over 5000 jobs in Texas. Counseling and business assistance are also some of the things it provides. It also originates, underwrites, closes, and services business loans for healthy growing businesses.
- Liftfund– Lift fund provides credit to small businesses that do not have access to conventional loans from other sources. It seeks to provide leadership to the micro-lending field on a national level by assisting them financially. It offers business loans in amounts ranging from $500 to $1 million.
- PeopleFund gives technical and financial assistance to people who do not have access to the economic mainstream. It also deals in small business and non-profit loans, business consulting, and technical assistance.
Capital Access Program.
CAP is a partnership between the State of Texas and non-profit lenders to make money more available for small and medium-sized businesses. CAP gives funds to other non-profit organizations that face hurdles while accessing capital or fall outside the area of conventional lending.
Skills for small business.
The Texas Workforce Commission (TWC) supports businesses having less than 100 employees and focuses on training new, full-time workers. This service is also available to upgrade the skills of existing full-time workers.
Federal Grants and Resources.
These are accessible across the nation, mainly to those businesses interested in research and development.
Sources of government assistance for small businesses can help you tackle financial aspects, but the fact remains that other factors are also responsible for your business growth. Factors like employees’ skills and experience are also things to ponder. To make your employees efficient, you can contact EMA Texas for courses tailor-made for employees of all positions like receptionists, clerks, employees, executives, etc.
Efficient employees not only have job satisfaction but also are loyal to their organizations. Moreover, training is a better alternative than recruitment, to invest in old employees and make them valuable assets.
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