Rural businesses are the unsung heroes of America’s economy. They’re not afraid to roll up their sleeves and get the job done for the communities they serve. Rural small businesses are especially impactful. In fact, small businesses provide more than half of all rural jobs. But, while a worthwhile endeavor, owning a rural business isn’t exempt from its own set of unique challenges. Luckily, there are several measures rural small business owners can take to set themselves up for success. Read about a few of them below.
- Lean on your local support network. Relationships are important in business, even more so in places where people are few and far between. Whether you need a like-minded entrepreneur to bounce ideas off, or an expert to advise you on some aspect of small business ownership, SBA resource partners like Small Business Development Centers and SCORE mentors are here for you.
- Expand your business with an SBA loan. Perhaps an acre or two is the only thing standing between you and your dreams of taking your business to the next level. Maybe a bit of equipment is the missing piece. Whatever the case, SBA loans can help. 7(a) loans, SBA’s flagship and largest financing program, can be used to buy real estate, equipment, or inventory for your small business. 504 Certified Development Company loans provide fixed-rate financing for real estate and equipment. And the best part: SBA-backed loans are tailored for those who don’t qualify for traditional financing.
- Explore opportunities abroad. As a rural small business, you provide an invaluable service to your community. However, marketing can be tricky outside of metropolitan areas, and foot traffic may be harder to come by, too. Exporting is a great way to diversify your sales. U.S. Export Assistance Centers can teach you about the exporting process. To speak directly with a small business exporter in your area, connect with an Export Finance Manager.
- Sell to the largest customer in the world. Did you know that the federal government gives special considerations to buying from small businesses? Through contracting programs, the U.S. government offers significant financial opportunities. One such initiative is the HUBZone program, which grants special access to federal contracts in historically underused business zones.
- Tap into America’s Seed Fund. Do you have the next big research idea? Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are tremendous assets for rural small businesses seeking funding for research and development. Each year, America’s Seed Fund provides over $4 billion in early-stage capital to startups and small businesses, including those in rural areas. Learn more at sbir.gov(Link is external).
The SBA is a proud supporter of businesses in America’s rural communities. Visit sba.gov/rural for more information.