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The Philippines is a country that literally thrives on the entrepreneurial spirit. With 99.5% of all businesses in the country being micro, small, and medium enterprises according to the Department of Trade and Industry , small businesses are practically the local economys lifeblood, pouring in 35.7% of total value-added.
Thats why the Philippine government has long thrown its support toward the development of MSMEs in the country. They know the value of forging ones own fortune through owning and running a business, which is why theyve created several programs that help individual entrepreneurs get a leg up on their dreams and sustain themselves.
This article takes a look at five government programs for MSMEs in the Philippines, designed to give budding entrepreneurs a little push in the right direction.
How Does The Government Assist Small Businesses
byKyle BernalJune 1, 2022, 4:29 am
The federal government has always taken part in helping small businesses. In recent years, fiscal stimulus programs, like tax breaks and incentives, were implemented to help entrepreneurs get out of hard economic times. At present, business owners need attention for another reason.
Bankruptcy and closure rates have been higher than ever since the global pandemic. Also, keeping up with technological advancements is a full-time job. So, how does the government assist business owners? It supports entrepreneurs through grants, financing programs, and other government assistance. Keep reading to learn more!
Alternatives To Small Business Grants
If you dont have the patience to apply for a small business grant and wait to see if youve been awarded it, look to other options to get the financing you need.
There are plenty of small business loans available, no matter what your credit profile. If your business is established and you have excellent credit, you might qualify for a bank or SBA loan with lower interest rates. If you want access to some cash now and more later, look for a line of credit.
If youre working to build your credit, you may be able to get a merchant cash advance or invoice financing. And if youre just looking for a way to purchase what your business needs, there are plenty of small business credit cards available to you.
This article was originally written on November 19, 2019 and updated on June 13, 2022.
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The Federal Government Is Offering $10bn To Small Businesses Heres How To Apply
The program offers funds to minority-owned businesses, or those in low-income areas, as well as to companies that have trouble attracting financing
A not-so-new federal program to help small businesses just began distributing funds this past week. How much? How does $10bn sound?
Thats not a joke. The federal government is making available $10bn and all small businesses in the country are eligible for the money. This is not the paycheck protection program or the economic injury disaster loan program. Both of those Covid-relief efforts have expired. This is also not a loan program from the Small Business Administration. Its from the treasury department. The program is called the state small business credit initiative, or SSBCI, and it works like this.
The treasury department has been authorized thanks to the 2021 American Rescue Plan Act to distribute $10bn to each of the states, the District of Columbia and tribal territories on a formula based on local unemployment and the need for job creation. As mentioned above, the money began to flow just last week to five states and will continue throughout the next year. Also as mentioned above the program is not new. SSBCI was created back in 2010 and distributed $1.5bn at that time. So lets call this version 2.0.
Certain funds are targeted specifically to minority-owned businesses or businesses located in low- to moderate-income areas. But just about any business can apply for these funds, even non-profits.
Get Your Business Off The Ground Today
With this readily accessible support from these government programs for MSMEs in the Philippines, any small business owner can start their dream enterprise, earn for themselves, and join the millions supporting the countrys economy. There has really never been a better time to begin!
If youre ready to go but havent started on that idea yet, its time to put together a business plan and launch your own online business.
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Five Government Contracting Programs That Help Small Businesses Compete
CHICAGO, IL – APRIL 06: Vice President Kamala Harris makes a stop at Brown Sugar Bakery on Chicagos … Southside with Cook County State’s Attorney Kim Foxx and Illinois Lt. Governor Juliana Stratton on Tuesday, April 6, 2021 in Chicago, IL.
Los Angeles Times via Getty Images
Government contracting is a great way for businesses to expand their business. The U.S. Small Business Administration and other federal agencies have a number of programs to help small businesses compete for federal contracts. These programs, which are open to eligible businesses, can unlock contracts with the federal government, which is the largest buyer of products and services in the U.S. Here are five federal programs aimed at helping small businesses win contracts that may be a good fit for you.
1. Women-Owned Small Business Federal Contract Program
This is an SBA program that offers contracts for WOSBs in industries where firms are underrepresented. WOSBs are firms that are at least 51% owned and controlled by women. The federal government awards at least 5% of all contracts to WOSBs annually. WOSBs may also qualify as economically disadvantaged .
2. The 8 Business Development Program
3. Service-Disabled Veteran-Owned Small Business Program
4. Historically Underutilized Business Zone Program
The SBA HUBZone program awards contracts to small businesses in economically distressed communities.
5. SBA Mentor-Protégé Program
Doing business with the U.S. Government.
USA.gov
Small Business Lending Fund
The Small Business Lending Fund provided capital to qualified community banks and community development loan funds to encourage these institutions and Main Street businesses to work together to promote economic growth and create new jobs. Through the SBLF program, Treasury invested over $4.0 billion in 332 institutions, structured to incentivize increased small business lending.
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No Federal Grants For Businesses
The federal government does not offer grants for starting or growing a business. It only provides grants for nonprofit and educational institutions. These organizations focus mainly on medicine, technology development, and other related fields. Find out more about federal grants.Some state and local programs offer business grants. They usually require you to match the funds. Or, they may expect you to combine the grant with other forms of financing, such as a loan.
Strengthening Support To Small Businesses Applying For Sba Loans
To make it easier for small businesses, cities assigned more staff to assist entrepreneurs applying for SBA loans, making it favorable to minority-owned firms that may face difficulties in completing applications.
The SBAs primary mission is to aid, counsel, assist, and protect the interests of small business concerns by helping them understand, avail themselves of, and enforce their rights under federal laws and federal regulations.
This is particularly helpful for business owners whose native language is not English or without unlimited access to the internet or latest updates.
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Where To Find Business Grants
Below is a list of some of the most robust resources for finding grants that can aid your business:
- SBA.gov is one of the top places to search for grants. The government site is filled with various grant and financing opportunities.
- Grants.gov is the ultimate database for federal grants. You can search for grants by funding type, eligibility, category and agency. Be forewarned: Sorting through the database will require some effort, but the potential payoff is that you may find a grant opportunity that is perfect for your company.
- The Economic Development Administration administers grants for economically depressed communities to stimulate new jobs and commercial growth.
- Similarly, Small Business Development Centers offer local resources that can help your business.
In the wake of the coronavirus, there are resources, including federal and private funding sources, that are helping businesses cope with the drastic economic contraction that is affecting the world.
- Economic Injury Disaster Loans are administered by the SBA and can provide businesses with working capital to pay employees, rent and other expenses.
- In addition to government loans, companies like Verizon have created funds that provide grants to small businesses.
What Is A Small Business Grant
A small business grant is essentially free money given to a small business owner to help them launch, develop or expand their organization. Grants, unlike a loan, do not have to be paid back, but they often come with restrictions on how the money can be spent.
Just because a grant is free money, doesnt mean it is easy to get. It takes a lot of time and preparation to apply for a grant, and they are highly competitive, so small businesses should only apply for grants they are eligible for.
Entrepreneurs and small business owners can seek a variety of grants, like private grants from corporations and government grants from federal, state, and local governments. Grants are also available for specific industries and demographics for example, if you are a minority business owner, there are several minority-owned business grants specifically geared toward you.
Key takeaway: Small business grants are free money given to small businesses by private corporations or federal, state, or local government.
Editors note: Looking for the right loan for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
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Summer 2018government Programs For Small Businessesby Keith Loria
The U.S. Small Business Administration encourages economic development in areas which are light on brick and mortar small businesses, and in 1998 created the Historically Underutilized Business Zones program, where certified small businesses in impoverished areas can get a boost in bidding on federal contracts.
These businesses can utilize the competitive and sole source contracting and price evaluation preferences of the program to create jobs and increase capital investments in distressed local economies throughout the U.S., says Mariana Pardo, director of the HUBZone program. The HUBZone Act requires the federal government to try to award 3 percent of all dollars for federal prime contracts to HUBZone small businesses.
In order for a small business to be certified as a HUBZone company, it must meet one of a set of criteria laid out by the SBA. To qualify, a business must be classified as small and then it must also be owned and controlled by one of the following: at least 51 percent by U.S. citizens by one or more Indian Tribal Governments an Alaska Native Corporation owned and controlled by Natives, or a subsidiary corporation, joint venture, or partnership of an ANC by one or more Native Hawaiian Organizations oby a Community Development Corporation or by a small agricultural cooperative or a small business concern owned by one or more small agricultural cooperatives.
Additional Resources
Business Grant Vs Business Loan: Whats The Difference
While both help you get money for your business, grants and business loans for small businesses are different beasts. The main difference between a grant and a loan is whether or not they require repayment. Loans require you to repay the money you borrow a grant does not. Grants can be awarded by government departments, trusts, or corporations and given to individuals, businesses, educational institutions, or non-profits.
Grants can be notoriously difficult to get, so if you apply for funding and are rejected, consider other financing, including business credit cards.
Here are other things to know about the differences between grants and loans.
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City Of San Diego Covid
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CARES Act Revolving Loan Fund provides economic assistance to City of San Diego or City of Chula Vista businesses impacted by the COVID-19 pandemic. The low-interest loans, which range from $25,000-$95,000, are intended to help entrepreneurs adapt their business models to operating under pandemic restrictions, to promote economic resiliency, and to support the retention or creation of jobs. Please note that the loans funds are not to be used for emergency working capital expenditures such as payroll and rent.
Loan funds are intended to be applied toward future purchases of goods or services necessary for improve business operations and resilience amid pandemic safety restrictions and social-distancing protocols. Permitted expenditures include the purchase of air-filtration or touchless point-of-sale systems expansion of online business capacity or seating, umbrellas or heaters for outdoor business operation. Eligible businesses must have at least one employee on payroll and not be home-based, among other restrictions. Not sure whether your business qualifies? Read the full program details and take the interest questionnaire by clicking the button below:
Grants may be awarded in advance of construction, with LMA businesses and low-income majority owners receiving expedited, priority processing. Read full program details and apply by clicking the button below:
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These Government Programs Can Help Your Small Business
The United States government has a number of programs that can help small businesses that may otherwise have a hard time competing in todays economy. Read on to see if you qualify for any of these programs offered through the Small Business Administration.
SBA Mentor-Protégé Program
The SBA Mentor-Protégé program allows small business owners to learn from experienced government contractors. The program provides business development help in a variety of areas, including: internal business management systems, accounting, marketing, manufacturing, and strategic planning. Mentors can provide help in acquiring financial assistance via equity investments, loans, and bonding. They may also help businesses navigate federal contract bidding, acquisition, and the federal procurement process.
To qualify for the program, you must be a small business with industry experience, be organized for profit or as an agricultural cooperative, and have a proposed mentor prior to applying for the program. For more information, including how to apply, go here.
8 Business Development Program
The 8 Business Development program from the SBA is geared toward helping businesses owned and controlled by socially and economically disadvantaged individuals. Those in the program can receive training and technical assistance to better compete in the current economy.
HUBZone Program
Women-Owned Small Business Federal Contracting Program
Veteran Assistance Programs
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Dine & Discover Nsw Voucher Scheme
The NSW Governmentâs Dine & Discover Voucher scheme supports hospitality, arts and tourism businesses.
Four vouchers, worth $25 each, are available to every NSW resident. They can be used for:
- dining in at restaurants, cafes, bars, wineries, pubs and clubs
- entertainment and recreation, including cultural institutions, live music and arts venues.
Vouchers are valid until June 2022.
Eligible businesses can register now for the scheme. For more information, visit Dine & Discover NSW.
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Gofundme Small Business Relief Fund
Crowdfunding company GoFundMe has partnered with partners to provide a COVID-19 relief fund for small businesses. Your business may receive a matching grant when you raise $500 through your own GoFundMe campaign, as long as you can verify that your business has been negatively impacted by the coronavirus. Funds must be used to pay business expenses or care for employees.
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Government Grants For Small Businesses
Government grants are a desirable source of funding for many small businesses. Well-known sources for government grants include agencies like Grants.gov, Challenge.gov, the U.S. Small Business Administration , and the U.S. Economic Development Administration , but small businesses should look to every tier of the government to find the best grant for their business.
If this is a funding option you are considering, check out these government grants for small businesses.
Resources For Economic Support
Review your financials and cash flow. How long can you make it through in case of a quarantine, lost wages, employee absenteeism . What do you need to bridge the gap? Plan on a 6-8 month drop in revenues. Map out cash flow now.
Get a credit line approved now. You don’t have to use it. But you’ll have it when you need it.
Aggressively pursue accounts receivables. Engage your lenders .
Slash your overhead. If you’re worried about losing customers or employees due to sickness, school closures or possible quarantines, cut the things you don’t HAVE to spend your money on.
Communicate, Communicate, Communicate and Get Online! Keep staff and customers informed and up-to-date on your operations. It’s important for businesses to keep in touch with customers to help maintain them through this incident. Let them know what steps you are taking to ensure a safe and clean establishment what your open hours are and how to communicate with you use email auto-reply with answers to frequently asked questions to help your customers get information quickly offer alternative methods of good deliveries .
Use online platforms, like Facebook and your website, to inform customers of your operating status and how to purchase your products or services. Communicate this information through direct email to customers and through social media such as Twitter. Make sure you have a . Postal mail might be a way for your message to get customers’ attention who are being bombarded with emails.
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