The Small Business Administration (SBA) has many special programs that are designed to help young companies team up with successful business mentors so they have a better chance at successful operation. These programs offer small business owners a valuable opportunity to receive free advice and guidance from successful business owners who are willing to share their expertise and knowledge with those young entrepreneurs.
This is also a program that offers successful business owners an excellent avenue to pass along their expert knowledge to young business persons and to share their proven business skills with others.
The SBA Mentor-Protégé Program aims to help certain companies successfully compete to obtain federal government contracts. It is part of the SBA program designed to help disadvantaged firms develop. Businesses can participate as a mentor or as the protégé. The goal of this special program is to increase business success and growth that otherwise might be prevented by circumstances.
Under this SBA program, benefits include assistance with management and technical issues, help for obtaining contracts with the government and some financial assistance including up to 40% financial equity assistance from mentors. Protégé firms who are in good standing in this program will be able to obtain other types of assistance from the SBA.
Protégé businesses must meet specific requirements to get into this program; the relationship between mentor and protégé companies is reviewed annually. Mentor business owners must graduate from a Business Development program or meet other qualifications of business success and make a lengthy commitment to the program. Mentors must be active federal contractors, and be able to share their business knowledge with the protégé business.
Persons who are interested in this SBA mentoring program need to contact their SBA District Office to apply. If they are not eligible for this particular program, the Small Business Administration has other programs and services that can assist small businesses in their quest for success. Call now for free consultation.
Read our article: Find a Mentor through the SBA by clicking here