Growth Club
1851 Growth Club
Q&A With Small Business Administration's Marianne Markowitz
Small businesses face a number of hurdles and the SBA has programs to help.
Small businesses are an integral part of the economy. With the Thanksgiving holiday upon us and the behemoth known as Black Friday, small businesses may get overshadowed. Marianne Markowitz, the Regional Administrator for Region V of the U.S. Small Business Administration (SBA), said these pillars of the economy should not be looked over and Small Business Saturday is a great way to show them support.
1851 Franchise: What are some of the biggest issues or hurdles small businesses are facing today?
Marianne Markowitz: Some face issues with cumbersome licensing and permitting processes. Others have difficulty accessing capital, and still others seek solid mentorship, ways to grow and information on how to export or participate in government contracts. Overall, small businesses face a variety of issues, and the SBA serves as their voice, working to provide the resources and tools they need to help them succeed.
1851: Do you see these problems happening during a certain times of the year?
MM: These issues are ongoing for small businesses and oftentimes they are not aware of the resources available to them – either through the SBA or other organizations. To help with this, here at the SBA, we’re stepping up our outreach and partnerships with both private organizations as well as other federal agencies to make sure we are providing the resources and tools small businesses need to grow, create jobs and compete in today’s marketplace.
1851: Are there any programs the SBA offers to help solve these issues small businesses face?
MM: One of the programs we have is the Growth Accelerator Fund Competition. We have over 800 entries that applied for the competitions in 2014. This year, the Growth Accelerator Fund awarded a total of $4.4 million to 88 startup accelerators, including those that fill geographic gaps and foster entrepreneurship among women and other underrepresented groups. These funds will help to incubate startups to boost local economies and surrounding communities.
1851: How is the SBA helping small businesses who are just getting off the ground?
MM: Along with programs like the Growth Accelerator Fund, in the past year, the SBA has implemented several initiatives to advance its work and tailor programs to embrace the nation’s dynamic demographics and be as innovative as the small businesses it serves. It has automated lending processes with various tools such as the LINC platform that matches borrowers and lenders, waived fees on small dollar loans, introduced in-language materials in Spanish and for the deaf/hard of hearing, launched a ready-to-use Business Smart Toolkit to equip faith-based and community organizations to help aspiring entrepreneurs, and supported export programs with grants.
1851: With Small Business Saturday approaching, how can small businesses prepare for this?
MM: Small Business Saturday highlights the year-round impact of shopping and dining small, as these are the same businesses that generate two of every three net new jobs and deliver essential goods and services to America’s communities 365 days a year. Last year, Small Business Saturday packed a big punch to the U.S. economy: 88 million consumers shopped small that day and 77 percent said it inspires them to shop and dine small throughout the year. The best way for small businesses to prepare is to start planning early. Many independent businesses host special events and join with others through their local chamber to make it a group effort.
Small businesses also can prepare for the holiday season by checking out helpful advice at http://www.sba.gov/smallbusinesssaturday and support Small Business Saturday even more on social media, using the hashtags #ShopSmall or #DineSmall.
The conversation doesn’t have to stop at the store or restaurant either. Small businesses can support other small businesses by sharing information and having conversations about the most unique places to shop. Even more, when sharing stories about shopping or when gifts are open, a healthy debate can be had about who found the most distinct and creative presents or places to dine.
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