Small business always come with their own challenges, pitfalls, and struggles, but a small business that is trying to do business with the federal government can experience completely new difficulties that are very different than those they faced solely in the commercial sector. These difficulties can vary depending on what industry your company is in, the current economic condition, and your financial capacity to manage and grow contracts. Though they vary, in conversations I have had lately with small business owners I have found frustration over their inability to establish financial lines of credit and attain loans to grow their businesses in order to support federal projects. This seems to be a common problem among small businesses and can be a great hindrance to their success with a federal or any contract.
Have you experienced difficulty establishing a line of credit and receiving loans? Let GOVtips know! Post in the comment box below what kind of products or services your company provides and let us know the specifics. From your company’s experience, do you think those challenges are specific to whether a small business is product based or service based? What other struggles and solutions have you found in dealing with the government, and what problems are you currently facing? What do you think are the some other big challenges that are facing small businesses looking for or dealing with federal contracts?