Construction Monthly Magazine | Charlotte 2023 Build Expo Show Edition

Small Business Education
SBA’s Mission
The Small Business Administration’s (SBA’s) mission is to help small
businesses start, grow, expand, and recover.
SBA achieves this mission through four major areas of focus.
• Education: SBA’s entrepreneurial development programs provide
counseling and training to entrepreneurs.
• Access to capital: SBA guaranties support loans to small business
that may have challenges obtaining credit, and SBA direct loans
support recovery in the aftermath of disasters.
• Contracting: SBA is charged with helping federal government meet
goals of contracting to small businesses.
• Advocacy: the SBA weighs in on and testifies on behalf of US
businesses regarding regulation impacts and conduct economic
research and regional outreach.
Bipartisan Infrastructure Law (BIL)
In November 2021, Congress passed the BIL, which the White House
described as “a once-in-a-generation investment in our nation’s
infrastructure and competitiveness.” The BIL will:
• Deliver clean water to all American families and eliminate the
nation’s lead service line;
• Ensure every American has access to reliable high-speed internet;
• Repair and rebuild our roads and bridges with a focus on climate
change mitigation, resilience, equity, and safety for all users;
• Improve transportation options for millions of Americans and
reduce greenhouse emissions through the largest investment in
public transit in U.S. history;
• Upgrade our nation’s airports and ports to strengthen our supply
chains and prevent disruptions that have caused inflation;
• Make the largest investment in passenger rail since the creation of
Amtrak;
• Build a national network of electric vehicle (EV) chargers;
• Upgrade our power infrastructure to deliver clean, reliable energy
across the country and deploy cutting-edge energy technology to
achieve a zero-emissions future;
• Make our infrastructure resilient against the impacts of climate
change, cyber-attacks, and extreme weather events; and
• Deliver the largest investment in tackling legacy pollution in
American history by cleaning up Superfund and brownfield sites,
reclaiming abandoned mines, and capping orphaned oil and gas
wells.
After amendments, the BIL included about $1.2 trillion in spending, of
which $550 billion was newly authorized over and above what Congress
intended to spend regularly. With these new authorizations, small
businesses are encouraged to bolster their capacity, and the SBA has
tools and resources to enable that increased capacity.
18 CONSTRUCTIONMONTHLY.COM
Small business owners can start their educational journey on SBA.gov.
This site includes critical information for the SBA’s small business
programs and activities, but also valuable tools, like the learning
platform. Use this tool to gain access to videos, templates for financials
and business planning, and helpful guidance for each phase of business-
whether that is starting out or scaling up.
For a more personal interaction, reach out for guidance from an SBA local
partner described below.
SBA resource partners
SBA resource partners are available to provide free one-on-one business
counseling and free or low-cost courses and
training. Partners can assist small business owners
with access to capital, networking events and
opportunities; to navigate government contracting;
and to provide a source of mentorship.
• SCORE – nine chapters in the state
• Small Business and Technology Development Centers – 14 across
the state
• Women’s Business Centers – six in NC
• Veterans Business Outreach Center – based in Fayetteville.
Through every phase of the
business lifecycle, the SBA is
your small business ally.
Small Business Financing
Access to capital can make a major difference in the success and growth
of a small business. SBA supports the delivery of capital to small for-profit
companies in three ways: through loan programs, through export grants,
and for very fast-growing companies in equity investment.
Loan Programs
SBA 7a Loans work with lenders by providing a U.S. government guaranty
on small business loans. These 7(a) loans can provide funds for a variety
of business needs. SBA loans are flexible in their use and cover a variety of
purposes including purchasing inventory, working capital, payroll
expenses, and fixed-asset purchases. They have a maximum loan amount
of $5 million with maturities of 10-25 years.
SBA Microloans are administered through non-profit organizations and
non-profit Community Development Financial Institutions, or CDFIs.