When person have limited sources of money, then they can not set up a large business empire. And in establishment of small business very big amount of cash is not needed. First of all, we should be clear about the definition of small business.
According to Small Business Act, a small business concern is one which is owned and operated independently and not dominant in its field of operation.
The law also determines the main things which constitute small business. The definition might vary from industry to industry.
The challenges these business face depends upon the overall business atmosphere. The most important thing that owner should understand the legal requirements and obligations in the particular country of operation.
Problems in Small Business: Small business often faces many problems that are related to their size.
Recent relief: But now owners of small business can come over it. They can take funds or loans from different sources .These business owners have several type of funding choices.
Some examples of available funding programs can be illustrated as:
Benefits of funding in small business: There are many benefits of funding in small scale business. Basically these loans are given to help the business owner who does not have strong backing. It is really useful for small business as it helps business to grow faster. Some of the reasons how it is useful for small business as follows:
Grants for starting a small business: Many companies give grants to these types of business, these grants can be used in different works. The government also provides funding for subsidized services to small business, which includes:
Small Business Funding in USA: There are many small business funding programs that are provided by the government of USA and many other organizations. They help small business in many ways. Many sectors came under it.
Small Business Innovation Research Program (SBIR): This program at the U.S. Department of Agriculture (USDA) gives funds to qualified small business to support advanced concept research related to important scientific problems and opportunities in agriculture that is in public benefit
Small and Home Based Business: Small business is the vital part of US economy. Many fields come under it such as farmers, micro business, agro- tourism, etc. It supplies Science based information to help entrepreneurs to understand the changes and take full advantage of it.
Small Business Funding Opportunities: Number of opportunities is available to grant funds for the small business. Many programs are there. For the funding, CSREES accepts application, consider it. Then grants are given through competitive peer review process. Some of the programs titles are:
Small Business Funding Centre: Small business needs funds for better working and to earn more. There are many funding centre that help owners of such business to solve their many problems related to different fields of work. Some common centers are: