#Sba mentor protege free

They’ve been through the process before and they can help you avoid pitfalls and take advantage of opportunities. It’s tough to get started in business and it can make a world of difference to have an experienced mentor in your corner. Small Business Answer Desk: 1-800-8-ASK-SBAįor the hearing impaired, the TDD number: (202) 205-7333

#Sba mentor protege free

In additional to online resources, the SBA provides toll free phone numbers to vet questions: Reach out to your local SBA District Office Business Opportunity Specialist to ask questions, receive information, and put together your application information. The application process is detailed and somewhat complicated, so the SBA recommends that each hopeful protégé seek assistance with the process. Only qualifying small businesses can apply for the Mentor-Protégé program. Once the Mentor-Protégé agreement is approved, the SBA conducts an annual review of the sponsored parties to ensure their success. For more information on the required written agreement, you can find the complete requirements online. The SBA will only approve the written agreement if it meets all the specifications set out in the regulations found at 13 CFR 124.520.

The SBA requires that this written agreement outline how the protégé firm will meet the goals of their 8(a) approved business plan, name at least one contact at the mentor firm who will be responsible for the protégé, and require the mentor to commit to a one-year mentorship arrangement. The SBA will then review this agreement to determine if it’s favorable for both parties. Prior to SBA approval, the prospective mentor and protégé will each draft a written agreement to submit to the SBA’s review panel.

Each Mentor-Protégé relationship must be formally approved by the SBA. You can reach out to successful businesses in your area to see if they’re interested in working with you through the program. How Does the Mentor-Protégé Match Process Work?Īny business can act as a mentor, regardless of prior involvement with the SBA. This program makes it easier – the mentor companies are more willing to invest because they’ll be involved in the operations of the business and can protect their interests. Funding can be a make-or-break issue for a new business with lean finances, but it’s often hard for new businesses to get loans or investors. Mentors can own up to 40% of the protégé company, which can help the protégé build capital to grow their business. Protégés may also receive financial assistance in the form of equity or loans. These partnerships may open doors for the protégés to compete for federal government contracts which would otherwise be out of their financial scope, technical ability, and capability. For example, many participants enter joint ventures with their mentors. Protégés in this program are also privy to unique access to federal contract opportunities. It’s easier to learn a lot of business and management skills in the field rather than in a classroom and this kind of experience is invaluable. That includes hands-on help with designing business operations, meeting the company’s financial needs, managing the supply chain, and more. Mentor businesses provide technical and management assistance to the newer business. In order to achieve those goals, protégés under the Mentor-Protégé Program get access to a variety of business development resources. The ultimate big-picture goal of the Mentor-Protégé Program is to allow small business owners to grow their businesses so they’ll be competitive in their fields. The long-range government interest in this program is for each protégé business to achieve independent entrepreneurial success so that in future years, the financially viable businesses will contribute to fortifying our national economy.

To make the protégé competitive in the marketplace, by improving their ability to compete for contracts.

To help the protégé meet the goals in their SBA-approved business plan.

To build and develop the protégé’s business skills.

According to the SBA, their Mentor-Protégé program serves three actionable business development purposes: The mentor company is tasked with providing the protégé with education, contracting assistance, and financial support.īy formally matching up newer businesses with successful mentors, the SBA hopes that the successful businesses will share their knowledge and skills with the up-and-comers. The SBA’s Mentor-Protégé Program (“Mentor-Protégé Program”) was created to pair up-and-coming protégé companies with established mentor companies.