SBA Provides Access and Opportunities to Manufacturers
By Robert Nelson, Massachusetts District Director, US Small Business Administration
Starting and managing an ongoing business takes motivation, desire, and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. And, although initial mistakes are not always fatal, it takes skill, discipline, and hard work to regain the advantage. This is why we recommend that you consult the US Small Business Administration before you start or grow your manufacturing business.
Massachusetts has a rich and diverse manufacturing history. Here at SBA, we want to work with our state and regional partners to ensure a healthy manufacturing sector, one which will continue to grow and stay on the cutting edge of technological and innovative capability.
To increase your chances for success, take the time up-front to explore and evaluate resources like SBA's loan and technical assistance programs. SBA does not make loans directly. Rather, we guarantee bank loans -- primarily through our flagship 7a loan guarantee program which enables the bank to make loans that they cannot make on their own and reduces the risk of the lender. The Massachusetts SBA currently has over 140 lending partners that utilize SBA programs to keep the much needed capital flowing to our small businesses. During the period from October 1, 2009 through September 30, 2012, SBA loaned more than $119 million to manufacturing businesses in Massachusetts through these participating lenders.
Concurrently, over this three year period more than 1200 manufacturers received counseling, training, and other assistance through our resource partner network: SCORE, the Massachusetts Small Business Development Center Network (MSBDC), the Center for Women and Enterprise (CWE) and the Northeast Veterans Business Outreach Center (NVBOC) as well as online at: http://www.sba.gov/sba-learning-center.
So before you make your next move, click on www.sba.gov/ma to investigate our full array of programs and services or call us at 617-565-5590. Also, make sure to "like" us on Facebook (SBANewEngland) and follow us on Twitter (@SBA_NewEngland) for the latest information on how SBA is working to support small businesses. We want to be your small business resource here in the Commonwealth!