According to the United States Census, people with disabilities are twice as likely to become an entrepreneur due to the career’s flexible schedule and financial structure. Going off of this statistic, it makes sense for disabled people to have access to many different options through which they can receive assistance with their startup.
The federal government sets aside a designated amount of funds each year for special interest groups, such as small business owners with disabilities, and it is a great asset to those who can take up the opportunity. In addition to the Small Business Administration, a government agency that provides support to entrepreneurs and small businesses, you are also free to explore the private organization route through platforms, such as Accion.
The Small Business Administration, though, is the first place you should look for aid in starting up your own business. It has its own section dedicated to disabled persons business loans, reinforcing the fact that they are there to help anyone and everyone wishing to delve out on their own.
About the Small Business Administration
The Small Business Administration (SBA) has four “programmatic functions” which it provides financial aid through:
- Access to Capital: The SBA offers small businesses “an array of financing for small businesses from the smallest needs in microlending – to substantial debt and equity investment capital (venture capital).”
- Entrepreneurial Development: Provides education, information, technical assistance, and Included in this is free education resources for small business owners, such as individual face-to-face as well as internet counseling.
- Government Contracting: Also known as federal procurement, this pillar of the SBA works to set goals with other federal departments to meet the 23% in prime contract dollars to small businesses. This function also houses the SBA outreach program.
- Advocacy: The SBA is also known as the voice for small businesses. It conducts research on small businesses and the entrepreneurial environment in conjunction with assessing Congressional legislation and “testifying on behalf of small businesses.”
Established in 1953, the Small Business Administration is committed to helping American startups begin, build, and grow.
Starting a Business
The SBA website is a helpful tool in looking for special provisions for disabled entrepreneurs during every step of creating and managing a business. It has resources for every kind of person, whether you are in need of self-employment information or an online seminar to help you reach the next milestone in the foundation of your business.
Spotlight Feature: Ticket to Work Program
In addition to the countless startup documents available at your fingertips, the SBA also includes information on its free, voluntary Ticket to Work program, which is designed to aid Social Security beneficiaries in going back to work and engaging once again in a career path all while keeping Medicare/Medicaid. This is valuable reading material just in case you decide after reading the entrepreneurship links that you would rather receive assistance in finding a job perfect for you. For more information, click here.
Financing a Business
While federal and state organizations do not offer grants or non-repayable funds, to people with disabilities starting a business, they do offer low-interest loans that assuage the financial costs that accompany a startup.
Spotlight Feature: Loan and Grants Search Tool
There are plenty of loan options available to you on the SBA website. With so many options, it’s almost overwhelming, or hard to keep track of all of the potential loans you can apply for. With the help of the loan and grants search tool, you can easily see all of the loans you qualify for all in one location.
Of these, there are also plenty of loans which are specifically awarded to those with disabilities.
The Small Business Administration also conveniently includes relevant tax information documents that pertain to disabled tax provisions. It highlights essential vocabulary, such as eligible access expenditures, which are “amounts paid or incurred by an eligible small business for the purpose of enabling the business to comply with the applicable requirements of the Americans with Disabilities Act (ADA).”
Spotlight Feature: Facts about Disability-Related Tax Provisions
This document is paramount in establishing a firm understanding of what options are available to you through the SBA. It cites specific laws that deal with disability-related taxes and is an invaluable resource while determining business expenses for entrepreneurship.
Overall, the Small Business Administration is an effective and efficient use of your time while researching how to start a company with disability loans. Because of its many facets of information, the SBA website contains much of the necessary research in order to be successful. In easy-to-understand vernacular along with detailed accounts of startup articles, this source is the first place you should look when entertaining the idea of starting a small business as a disabled person.