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The U.S. Small Business Administration (SBA) helps Americans grow businesses and create jobs by providing resources and tools, including access to capital; opportunities in Federal contracting; access to entrepreneurial education; and disaster assistance for businesses, homeowners, and renters.
What are the four primary areas of assistance the SBA offers?
The SBA assists American small businesses in four main areas: financing, business guides and education, federal contracting, and local assistance. All of these efforts and focus areas are aimed at helping entrepreneurs and small business owners start and grow their businesses.
What attracts business to South Carolina?
South Carolina businesses thrive thanks to lower operating and capital costs. As a right-to-work state with the lowest unionization rate in the country, South Carolina businesses can rely on a stable, efficient workforce at competitive wage rates and free from work stoppages.
What qualifies as an SBA small business?
The SBA assigns a size standard to each NAICS code. Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business.
What is the function of the SBA's Small Business Development Center?
Small Business Development Centers provide counseling and training to small businesses including working with the SBA to develop and provide informational tools to support business start-ups and existing business expansion.
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Low cost to operate and a business-friendly climate In fact, South Carolina consistently ranks as one of the most business-friendly states in the nation with a low cost of doing business, a tax base that lends itself to economic growth, and several other incentives: No state property tax. No inventory tax.
What is considered a small business SBA?
Upshot: A small business is one with no more than 1,500 employees and a maximum of $41.5 million in average annual receipts. We'll talk about how the SBA defines average annual receipts and number of employees, below. Average annual receipts is a business's total or gross income plus the cost of goods sold.
What does the Small Business Administration provide?
The SBA assists small businesses in four main areas: financing, education and training, government contracting, and providing a voice in policy matters. These programs are aimed at helping entrepreneurs start their businesses and keep them thriving.
How much does it cost to start a business in SC?
The South Carolina articles of incorporation cost $135 with the South Carolina Secretary of State. This include the fee to file your initial report with the state. We custom draft your South Carolina articles of incorporation when you hire Northwest to start your South Carolina business.
How do I know if I am a small business?
You can find out if your business qualifies as small by using the Size Standards Tool, or by referencing the SBA's table of small business size standards. Both the tool and the table help you find the small business classification requirements according to individual NAICS codes.
Related links
Small Business Development Center - Clemson University
The mission of the South Carolina Small Business Development Centers is to advance South Carolina's economic development by helping entrepreneurs grow ...
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