The U.S. Small Business Administration (SBA) has been authorized by Congress to provide 7(j) training to HUBZone and 8(a) businesses. The authorization comes from the Small Business Act, section 7(j). Moreover, this allows SBA to enter into grants, cooperative agreements or contracts. These grants, cooperative agreements and contracts fund the technical or management assistance training for these firms. Wouldn’t you like to receive this training for free or only have to pay for part of it? I know I would. Let’s learn more about this program.
What Type Of Assistance Is Available?
Do you want to know the type of assistance that you can expect to receive from SBA? And so the training provided through SBA service providers covers all aspects of running a small business. I do not know a business that does not need assistance as some point. Furthermore, the specific training includes counseling in areas of:
- Operating a small business
- Identification and development of new business opportunities
- government contracting
- Counseling & Training in areas
To sum up the training provided is broad and covers a variety of topics necessary to run a small business.
Who is Eligible To Receive This training?
In order to receive this training you must be:
- a small business, and also;
- are located in urban or rural areas that have a high proportion of unemployed or low-income individuals; or;
- low-income individuals, businesses owned by low-income individuals; and
- Business that are eligible to receive 8(a) contracts
Well, what does this actually mean? In short, this means that HUBZone and 8(a) businesses can receive this training. And SBA is also authorized to provide additional management and technical assistance through its service providers exclusively to small businesses eligible to receive 8(a) contracts, including;
- Assistance to develop comprehensive business plans with specific business targets, objectives and goals;
- other non-financial services necessary for 8(a) firms to grow and develop which includes loan packaging; and
- assistance in obtaining equity and debt financing.
I can see where this training would benefit my business. Where do I find out more information?
To summarize, if you are a HUBZone or 8(a) business you are eligible to receive this training at a low cost or free. Why wait? Contact your local SBA District Office today to find out more information. Check out our blog.