64 DIVERSEability Magazine www.diverseabilitymagazine.com
BUSINESS 2 BUSINESS
ence in lending as well as management and technical assistance. These intermediaries administer the microloan program for eligible borrowers. Microloans can be used for a variety of purposes that help small businesses expand. Use them when you need less than $50,000 to rebuild, re-open, repair, enhance or improve your small business. Examples include: Working capital Inventory Supplies Furniture Fixtures Machinery Equipment Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate.
Minority-Owned Businesses Funding:
Each year, the federal government awards about 10 percent of all federal contract dollars, or roughly $50 billion in contracts, to Small Disadvantaged Businesses. SBA's Office of Government Contracting and Business Development monitors the progress of 24 Executive Branch agencies in contracting with Small Disadvantaged Businesses. In addition to registering your business as a Small Disadvantaged Business, your firm might also meet the requirements for any of the following programs: The 8(a) Business Development program provides managerial, technical and contractual assistance to Small Disadvantaged Businesses to ready the firm and its owners for success in the private industry. Eligibility of the 8(a) program relies in part on criteria for Small Disadvantaged Businesses but has additional requirements related to the business itself. The HUBZone program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. These preferences go to small businesses that obtain HUBZone certification in part by employing staff who live in a HUBZone. The company must also maintain a principal office in one of these specially designated areas. The Women-Owned Small Business Federal contracting program authorizes contracting officers to set aside certain federal contracts for eligible, women- owned small businesses. The Service-Disabled Veteran-Owned Small Business program provides procuring agencies with the authority to set acquisitions aside for exclusive competition among service-disabled, veteran-owned small business concerns.
State Specific Programs:
State vocational rehabilitation agencies are some of the greatest resources your busi- ness can use. Vocational rehabilitation (VR), a state-supported division of services, assists individuals with disabilities who are pursuing meaningful careers. VR assists those indi- viduals to secure gainful employment com- mensurate with their abilities and capabilities through local job searches and awareness of self-employment and telecommuting oppor- tunities. In addition to VR, some states have separate agencies serving individuals who are blind and visually impaired. States with separate agencies are listed below the general state VR listing. Visit askjan.org/concerns/ State-Vocational-Rehabilitation-Agencies. cfm to find the right fit for your business in your state. There are also several small business assis- tance programs that exist across the country that could apply to your state. Some of these include: Abilities Fund: Provides access to finan- cial assistance, resources and customized training to entrepreneurs with disabilities. Illinois Minority, Women and Disabled Participation Loan Program: Explains how Illinois small businesses can apply for assistance if they are 51 percent owned and managed by persons who are minorities, women or disabled, with loans up to $50,000 or 50 percent of a total project cost. Iowa Target Small Business Assistance Program: Outlines the criteria for loans, loan guaranty and equity grants of up to $50,000 that are earmarked to help women, minorities and persons with dis- abilities start and expand their businesses. Maine: Kim Wallace Adaptive Equipment Loan Program Fund: Explores finan- cial assistance for disabled persons and businesses involved in the purchase, construction or installation of adaptive products. This equipment allows disabled persons to become more independent within the community, promotes mobility and improves independence and quality of life. Businesses may use loan funds to facilitate compliance with the Americans with Disabilities Act (ADA). Michigan Telework Loan Fund: Allows you to apply for loans for equipment and home modifications that will allow Michigan residents with disabilities to either start a home-based business or work for an employer from home. Starting your business can be difficult, but its not impossible, and there is help available for differing circumstances. For more information on how you can fund your small business, visit: sba.gov/starting-busi- ness/how-start-business/business-types/ people-disabilities.
Source: Small Business Administration, Job Accommoda- tion Network
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