A Guide to Securing and Maximizing the SBAA Grant for Small Businesses
I’ve been bootstrappin’ this entrepreneurial journey for three years now.
As I reflect on the journey that led my business Lozafina to where it stands today, I am filled with immense gratitude for the support and recognition received from all of my clients, teammates, and peers. We’ve come a long way and have experienced tremendous growth.
Two people in particular I am thankful to have met are Candice Price of Home Team Auto Sales and Eden Butler of Grow Nebraska Women’s Business Center who encouraged me to apply for the Small Business Assistance Act (SBAA) grant. We just learned that Lozafina will be awarded this grant. It’s not just a financial boost; it’s a testament to the hard work, dedication, and vision that have been the cornerstones of our business.
The SBAA's initiative to foster growth and sustainability among small businesses is truly commendable. The grant will not only alleviate financial constraints but also pave the way for accessing invaluable professional business services. This is exactly the break a bootstrapper like myself needed to make my mark in the competitive business landscape.
How to Apply for the SBAA Grant
For aspiring entrepreneurs and small business owners, the Small Business Assistance Act (SBAA) presents a golden opportunity to propel your business to new heights. Here's a comprehensive guide to help you navigate the application process and make the most of this incredible resource:
1. Understand the Program Objectives and Services
Before you apply, familiarize yourself with the wide range of professional services offered under the SBAA, including:
Accounting and budgeting
Tax return preparation
Human resources
Writing a business plan
Payroll processes
Financial planning and analysis
Debt management
Strategic planning
Technology Coaching
Financial statement review
These services are designed to build a robust foundation for your business, addressing crucial areas that are vital for sustainable growth.
2. Evaluate Your Eligibility
The SBAA targets two main groups:
Start-ups: If you're starting fresh with an annual income of no more than $55,000 and a personal net worth under $200,000 (excluding your primary residence), you could be eligible for a start-up grant of up to $25,000.
Existing Small Businesses: For businesses less than five years old, with a modest growth rate and similar net worth criteria as start-ups, grants of up to $12,500 are available.
Remember, the SBAA defines a small business as one with five or fewer employees (not including the owner).
3. Prepare for the Application
The GROW Nebraska Foundation, along with its strategic partners, administers the SBAA program. To apply:
Visit the GROW Nebraska NSBAA webpage.
Complete the updated pre-application form, which is your primary entry point to the program.
After the pre-application, you'll be guided through eligibility evaluation, business planning, and other critical steps by a program representative or a third-party business support organization.
4. Stay Informed and Engaged
Given the high interest in the SBAA program, staying proactive is key. If you've interacted with the program before, such as submitting an inquiry in 2023, and haven't heard back, reach out to info@grownebraska.org for updates.
Moving Forward with Confidence
The SBAA grant has been a transformative force for my business, and it could be the catalyst your business needs to thrive. The journey of applying and integrating the resources provided by the SBAA can significantly elevate your business's operational, financial, and strategic frameworks. I encourage all eligible small business owners and aspiring entrepreneurs to seize this opportunity and embark on a journey of growth and excellence.
Together, we can foster a vibrant, innovative, and resilient small business community.