Move Your Venture Forward: It's National Small Business Week

May has rolled around again, which means it's 90 degrees in New York City and we're smack in the middle of National Small Business Week, which runs from April 29th to May 5th this year. If you're a small business operator or if you're serious about becoming one, then the next few days—which are sponsored by this country's greatest though oft-overlooked small business resource, the US Small Business Administration (SBA)—are not to be missed. During National Small Business Week, the SBA makes it easy to find learning resources for those trying to organize their ventures, discover like-minded folk living through the same stressful process, and, most importantly, uncover new options for getting their businesses funded.

Too many startup founders today believe that the only money out there for them comes either from angel investors or full-on venture capital (VC) investors. And in the mad race to snag that VC cash, they often skip over the SBA because they think the SBA is just about providing small loans to small businesses in small locales. That's a mistake.

Founded in 1953 by President Eisenhower with the signing of the Small Business Act, the SBA facilitates billions of dollars' worth of funding to startups and small businesses every year (more than $80 billion since its inception), both directly and indirectly. To get a breakdown, spend some time on the SBA website and you'll discover not only how the SBA provides funding but also a wealth of free learning materials for small business beginners, such as this one. You'll find webinars on various aspects of business planning and operation, including how to build your business through email marketing as well as small business accounting tips. There's even a free, 3-day Virtual Conference taking place online, which you can attend Tuesday-Thursday between 12:30 p.m. and 6:30 p.m. (ET) each day.

Direct and Indirect Funding

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Returning to how the SBA provides funding, the organization helps grow companies in many ways, but financially, they do it through two primary channels. First, they do it by loaning money to licensed private investment funds, otherwise known as Small Business Investment Companies (SBICs), so those organizations can invest in small businesses on their own. Second, they do it by providing cash grants directly to growing companies via the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

The SBA works with more than 300 licensed SBICs all across the country, and generally doubles the money that they raise to invest in growth companies, usually at about 3.5 percent interest over 10 years. The SBICs then go and invest that money into thousands of small businesses every year. That's not only excellent financing but it's also effective. Alumni of these investments comprise a host of big-name companies, including Amgen, AOL, Apple, Costco Wholesale Corporation, FedEx, and many more. But, while enabling third-party equity companies to invest in small businesses with less risk is key to the SBA's mission, they also help small businesses through the SBIR program.

Through the SBIR and STTR programs, the SBA averages about $2.5 billion per year that they hand out directly as cash grants to deserving small business applicants. This means they can fund startups that are mapped against the needs of other government divisions. For example, if the US Department of Defense (DOD) needs a new way to weave Kevlar to make a more effective bulletproof vest, then the SBA can find an innovator in that space and help fund it so it can fulfill the DOD's need.

It's an effective system and one that the SBA works hard to execute year-round, including hosting an Accelerator Growth Fund Competition, which began in 2014 and is just around the corner in 2018. In this contest in 2014, more than 800 entities applied for $2.5 million in cash prizes, with small companies competing against each other for 50 prizes (each worth $50,000). That got bumped to $4 million in 2015, though it was reduced to just $1 million in 2017.

More than Just Money

But what many people don't realize is that the SBA does more than just hand out money. Entrepreneurs can benefit from the SBA almost as soon as they're done with their first napkin doodle. That's because, aside from dishing out greenbacks to deserving companies, the SBA also deals in another important startup commodity: experience.

The SBA has several mentoring and learning programs available to small business owners and entrepreneurs. If you're in the US, then you've got several within driving distance right now. There's SCORE (previously known as the "Service Corps of Retired Executives"), which is a nonprofit association that provides free learning and face-to-face mentoring by experienced business executives to budding entreprenuers at a local level. This means you'll sit down with someone who has real-world business chops and can help you write and organize your business plan, strategize future growth, and find the right funding options for your situation.

And if SCORE isn't your cup of tea, there are also Small Business Development Centers at every state university in the country as well as in most midsize to large cities. These offer similar services as do the various demographic-focused and minority-focused SBA offices.

5 Tips to Prep for an SBA Sit-Down

If you're intent on engaging with the SBA to move your venture forward, then it's a bad idea to be overly fuzzy about your business plan before you apply for something. It's especially bad because the SBA makes it both easy and free to use their own experts to help you focus your ideas and your plan. If you think you're ready for that kind of mentoring, then here are five tips to help you get started engaging with this organization.

1. Make sure you're a US-based business. According to SBA insiders, it's surprising how often people forget that. And be sure to use their mentoring staff for advice before officially applying for any kind of funding. Applying from "out in the cold" is a mistake that can bog down your application.
2. Take advantage of the SBA's learning resources. Aside from the resources mentioned earlier, the SBA also supports a load of online learning available via webinar, chat, and forum-style communication. Just check the national SBA website or the one for your local chapter.
3. Choose the financial program that makes the most sense for your business—and get the SBA's own staffers to help you do that because that's what they're there for. And, no, simply talking to someone at the SBA isn't the same as applying and won't hurt that process in any way.
4. Get your paperwork started early. It's the US government so you know there's going to be a lot of paperwork; it's best to get started on that immediately.
5. Before doing anything, sit down and make sure you have a clear, detailed vision. The SBA's mentors can help but it's up to you to understand what you offer, what you want to do, and, most importantly, how you define success.

You can get a better feel for the SBA and what it has to offer by attending some of the events the agency is sponsoring during National Small Business Week. By accessing their website, you'll be able to attend webinars that cover everything from how to select financing to dealing with customer complaints to opening a pop-up store to promote your business.

This article originally appeared on PCMag.com.