Feb 6, 2024
What is the GSA Advantage Program, and Benefits of GSA Advantage For Contractors?
GSA’s advantage is the Government’s premier online electronic ordering and shopping system, offering access to thousands of contractors under the GSA schedule. The portal also offers access to thousands of products and services, fostering agencies all over the world to place orders electronically. These agencies are not individual buyers but federal, state, and local government agencies. These agencies will be able to browse for products from local businesses by searching through keywords, contract numbers, stock numbers, vendor names, etc. These agencies or buyers will also be able to compare the features and the prices of the products, choose the delivery option, and place orders from the small businesses directly. What is a GSA advantage, and what is available on it? The GSA Advantage is a government purchasing program that the General Services Administration runs. This is the premier online shopping superstore of the Federal Government that offers tremendous opportunities for federal agencies looking forward to buying services and products. The site lists the products of small businesses and includes detailed information about the product, including photos, product descriptions, and the GSA-approved price for each of the items. This virtual marketplace has over one million customers visit the week. More than […]
Jan 24, 2024
Discover the Right Funding Strategy for your Businesses
Starting a new business is a challenging and exciting endeavor. Setting up adequate funding is one of the crucial aspects of building up a successful business. Funding is one important criterion that fuels the growth of the business and brings its ideas into reality. There are several fundraising strategies for businesses, and getting help from the Federal government through small business loans is the most important of them all. If you are worried about how to get business funding for your startup, this guide will help you through the process. Fundraising strategies for small businesses Having adequate funds is important to safeguard the operations of the business. Having adequate funds will help the business fuel its innovation, support its strategic initiatives, and expand its operations. There are many strategies that businesses could adopt for business funding, and the most beneficial of those are as follows. Small business loans This is the most popular funding option for small business owners who are looking to fund their growth initiatives. The banks generally offer these loans, which can be used by the business to purchase equipment, expand their operations, and hire additional staff. Bootstrapping This is an efficient funding strategy that makes use […]
Jan 17, 2024
SBA’s 7(a) Loan Program – Financial Assistance to Small Businesses
The 7(a) Loan is a primary loan program for small businesses to help them with financial assistance in running their business. Under this program, loan guarantees are offered to the lenders and encourage them to offer financial help to small businesses having special requirements. The terms and other conditions of the loan, such as the loan amount guarantee percentage, will vary considerably depending on the type of the loan. SBA 7(a) loan program description The SBA 7(a) Loan program is specifically for rendering financial assistance to small businesses, and it is the most widely used loan program of the SBA (Small Business Administration). This is named after section 7(a) of the Small Business Act, which authorizes agencies to offer loan guarantees for businesses participating in SBA lenders working directly with American small businesses. The ultimate aim of this loan program is to assist the ‘for-profit’ businesses that are not able to get financial assistance from other sources. Requirements for availing 7 (a) Loan SBA offers loan guarantees to lenders offering loans for businesses, including sole proprietorships. There are certain special requirements to avail of this 7(a) Loan, which can be used for the following requirements. The maximum amount that the […]