Since the onset of the COVID-19 pandemic, an increasing number of people have moved to rural America to establish a livelihood fueled by entrepreneurship. According to the U.S. Census Bureau, in July 2020 alone more than 550,000 new businesses were established in rural areas nationwide, a 95 percent increase over the previous year.  

The pandemic might have forever changed the way we do business, but the one constant has been the commitment of the U.S. Small Business Administration to help entrepreneurs access the resources they need to make their business dreams come true.

 Much of the agency’s work nationwide over the last 18 months has been to help businesses survive the pandemic with such programs as the Paycheck Protection Program, Restaurant Revitalization Fund, Economic Injury Disaster Loan program and Shuttered Venues Operator Grants. Many businesses, agricultural entities and non-profit organizations in rural communities used these programs to retain employees and pay everyday expenses.

 More than 2.5 million rural small business owners took part in the PPP, and many are now working through the forgiveness process with local lenders. Businesses that received a PPP loan under $150,000 and have not yet submitted forgiveness applications, should check with their lender to see if they’re eligible to use the new SBA direct forgiveness portal, a streamlined tool simplifying the loan forgiveness process.

 Many entrepreneurs have decided now is the time to start or expand businesses, but need help accessing capital. For these entrepreneurs, an SBA guaranteed loan might be the right fit. These loans, issued by an extensive network of participating lenders, can be used to provide long- and short-term working capital; purchase equipment, machinery or supplies; buy real estate; establish a new business or expand an existing business; or refinance existing debt.

 Small business owners should know the Economic Injury Disaster Loan program can assist them with their cash flow challenges. This program remains available to small businesses, including agricultural businesses and nonprofit organizations, until Dec. 31. The dollar limit on these loans was raised to $2 million.

 Entrepreneurs who need assistance with business counseling, preparing a business plan or creating financial projections should work with their local SBA resource partner, such as a Small Business Development Center. Most of these business development resources have locations in rural areas.

 Regardless of your business location or community size, the SBA remains steadfast in helping businesses secure the capital and training resources they need. For further assistance, connect a local SBA district office or SBA resource partner by visiting www.sba.gov.

Amy Lea is acting administrator of SBA Region VIII, overseeing programs and services in a six-state region that includes Colorado.