How the Government Spurs Small Business Growth

According to data, small businesses account for 99.7% of all employer firms.

Small businesses are the backbone of the American economy. They create two out of every three new jobs, and they account for almost half of all private-sector employment.

But small businesses often face challenges in growing and expanding their operations. That’s where the government comes in, with programs and initiatives to help small businesses thrive.

Keep reading to learn more about small business growth and government assistance for small businesses.

Small Business Growth Fund

The government helps small businesses in different ways. One way is by providing money through programs like the SBIR program.

The SBIR program is a federal grant program that gives money to small businesses for innovative projects in difficult areas.

Tax Breaks

The government offers tax breaks and incentives to businesses so that they can grow and hire. For example, the SBA offers loans with lower interest rates and longer repayments.

Additionally, many states offer tax breaks and other financial incentives to start a small business.

No matter what your financial goals are, it’s worth doing some research. This will allow you to see what kind of incentives are available in the states you’re considering.

Regulatory Relief

Another way the government helps small businesses is by providing regulatory relief. This means making it easier for small businesses to follow government regulations.

The SBREFA of 1996 requires federal agencies to review their regulations and make them simple to follow.

Education and Training

The government also provides education and training programs to help small businesses succeed. The SBDC program provides free or low-cost business help to small businesses.

The U.S. Chamber of Commerce Foundation’s Hiring Our Heroes program offers free resources and training to help veterans.

Contracting Opportunities

The government also provides contracting opportunities for small businesses. Federal agencies are required to award a certain percentage of their contracts to small businesses each year.

This helps small businesses get the experience and exposure they need to grow and succeed.

Access to Capital

The government also provides access to capital for small businesses. The SBA provides loans of up to $5 million to small businesses for a variety of reasons, including startup costs.

The government does a lot to help small businesses grow and succeed. These are just a few of the ways the government spurs small business growth and gives support to small business owners.

You can learn more about SBA loans at First Pryority Bank.

Experience Fast Small Business Growth

The government has put in place programs and initiatives to help businesses grow. The government is trying to help small businesses by giving them tax breaks and helping them get money.

Before going any further, it’s always important to do your research.

Want more small business growth advice? Check out our blog for more informative articles like this to help you in growing a business!