What is an SBA account and does my business need one?

Nonprofits can also sign up for an SBA (Small Business Administration) account, but their eligibility for specific SBA programs depends on the type of assistance they seek. Here’s what you should know: Creating an SBA Account – Any organization, including nonprofits, can create an account on the SBA website to access resources, webinars, and general business guidance. Loan Programs – Most SBA loan programs, such as the 7(a) Loan Program and 504 Loans, are generally not available to nonprofits. However, some exceptions exist for nonprofit childcare centers under the Community Advantage Pilot Program. Grants & Disaster Assistance – Some SBA programs, such as the Shuttered Venue Operators Grant (SVOG) (now closed) and Economic Injury Disaster Loans (EIDL) for nonprofits, have provided funding to eligible nonprofit organizations in times of crisis. Training & Resources – Nonprofits can access SBA’s free business counseling, mentoring through SCORE, and government contracting opportunities.