USCF Small Business Benefit (SBB)
The U.S. Small Business Administration (SBA) approves nearly 70,000 loans per year providing over $30 billion for small businesses. The majority of SBA loans are in the amount of $250,000 or less providing new business owners the capital to acquire a business. SBA primarily makes these loans available to refugees seeking asylum, immigrants awaiting naturalization, minorities, and minority veterans. SBA then assists and trains these new business owners on how to run their new businesses. The SBA also provides access to their tools, resources, and capital for America’s 30 million small businesses.
The purpose of the USCF Small Business Benefit (SBB) is to provide every adult citizen equal opportunity to start a small business. Any citizen with an innovative idea or desire to start a small business can utilize SBB resources. SBB is not for established businesses or for business owners seeking to expand their franchise as SBA retains those support functions. SBA remains available for existing business owners and SBB is a separate program under SBA for new business startups.
The SBB program can help citizens develop a business plan, conduct a market research study, fund their business, select an optimum location, develop the business structure, register the business, apply for licenses, permits, patents, trademarks, and so on. When the business plan is complete and the market research study demonstrated the business is viable, SBB will assist the new business owner in completing all processes. SBB staff can also provide on-the-job training for the new business owner and employees. SBB monitors the progress of the new business during the 3-month probation period providing additional assistance when needed.
SBB loans are up to $250,000 utilizing the adult citizen’s USCF as collateral. However, the combined SBB and other USCF benefits being utilized cannot exceed 50% of the total value of the citizen’s USCF. Virtual funds are accrued in every citizen’s USCF based on the U.S. GDP per Capita. As an example, a person born in 2000 would have $1,121,000 of virtual funds accrued in their account after their 21st birthday. When a citizen’s SBB loan is approved, virtual funds from their USCF are converted into real dollars. Citizens cannot be turned down for their small business loan as long as their business plan and market study are viable, and they meet SBB criteria. To ensure adequate funding, citizens may combine their SBB loans for a small business or company startup. Business associates may consent to combine their SBB to fund larger ventures with SBB approval. The percentage of the citizen’s loan contribution equates to their percentage of business ownership.
Operating a business, particularly a new business can be very difficult and demanding. Typically, owners need to work 10-12 hours per day, 6-7 days per week for several months to ensure the success of their business. Likewise, it can take months before a new business turns a profit. Since 80% of new businesses fail within the first 2-years, SBB requires new business owners to demonstrate a commitment to making their business succeed. If the new business owner(s) do not exhibit the required skills and dedication after their 3-month probationary period, they will be evaluated and could potentially lose their business. If the evaluation recommends removal, then USCF SBB takes ownership of the business and returns the citizen’s funds, minus losses, to their account. Then the next USCF member waiting in-line will have their opportunity at running a new business. The citizen(s) who lost their business opportunity will be released from their SBB contract but must wait two full calendar years before they can add their name back in the queue for the SBB process.