We are very sorry to report that in 2006 and 2007, several companies and organizations that were not small businesses received funds that had been earmarked for small businesses. This mistakenly given money amounted to some $5.7 million in contracts, according to the Department of the Interior.

Among those companies who received money that was intended for small businesses were: Starwood Hotels, Home Depot, Dell, Xerox, Waste Management Inc. and Sherwin Williams.

Some of the blame for awarding small business funds to big business was placed on absent-minded contract workers who were not mindful about data entry. As you can imagine, this is little comfort to hopeful small businesses. The report from the Department of the Interior did not indicate whether or not this money would have to be returned.

While this is not cheerful news, the good news is that this mistake in now way hampers your ability to get a small business loan. Visit sba.gov to learn how you can apply for a small business loan. And review all of your documents carefully.

The Gulfport Chamber of Commerce in Mississippi knows that getting money to provide grants does not have to be dull. In June 2008 they sponsored Margaritafest, a party with a purpose. They did more than let their hair down at this luau-filled fest of dancing, food, and fun; they raised funds for the grants that they give out to small businesses.

They started giving out these grants to help small businesses after Hurricane Katrina. There is no doubt that Hurricane Katrina devastated New Orleans, but some people are not aware of how much damage it also did to neighboring areas.

If your local chamber of commerce doesn’t have a Margaritafest, think about starting something similar.

If you are thinking that you might be able to go to the SBA for a small business grant, be aware that the SBA does not provide grants directly to small businesses. They do, however, give grants to non-profits that provide management, financial or technical assistance to small business. Click here to learn more about these grants.

If you recently fell victim to a disaster, be certain to check on the deadlines for disaster loan applications for people from your area.  The terms and the amount of money you can receive are determined by the SBA based on your individual circumstances, but the deadlines for renters, businesses, and non-profits do not vary. When a deadline is set for an area, it applies to all who were affected.

For example, those whose property sustained physical damage from a mid-June fire at the Queen Anne’s Gate Apartments in Massachusetts have until September 2, 2008 to file an application.

The SBA gives loans in amounts up to $200,000 to be used for the repair of primary residences that have sustained damage from a disaster. Businesses and non-profits can get up to $2 million that they can put towards the repair of their damaged real estate, machinery, inventory, and equipment.

If you think you are eligible to receive such a loan, call the SBA Customer Service Center at 1-80-659-2955, between 8 am and 9 pm, Monday-Friday. You can also request information and assistance by sending an e-mail to disastercustomerservice@sba.gov.

The SBA website has a new assessment tool that will make it easy for you to figure out if you are ready to start a small business. If you are wondering just how ready you are, it may be just the tool you need.

You can find the Small Business Readiness Assessment Tool at sba.gov. There are no multiple choice or essay questions. Each question is answered with a simple yes or no. There is not waiting for a grade, either. When you finish answering the questions, hit the "Submit" button and your assessment score will be tabulated automatically.

Because the SBA understands that people who want to start businesses need advice and feedback, they don’t stop at giving you a score. After you get your score, you will also get a list of "Suggested Next Steps" telling you exactly which SBA resources would be the most beneficial to you.

You can complete the assessment tool in less than 5 minutes and gain valuable insight into your level of readiness to start a small business.

When you are thinking about starting a small business, there are so many little details to consider. You many be doing research, gathering information and sketching an outline for your business plan. While you are doing all of this factual footwork, do not forget one important aspect of your research: human connections. Doing your homework before launching a new business venture includes getting information on other entrepreneurs’ real-life experiences.

People who have "been there and done that" will be one of your greatest resources as you get your business off the ground. You can save yourself a lot of time and grief if you make the effort to "research" the wisdom of veteran and retired small business owners. Actually, brand new business owners will have some interesting perspectives for you as well.

The SBA is all about business, and they recognize the importance of getting in touch with established small business owners. Visit the Find a Mentor page on the SBA website to view organizations that can put you in touch with experienced small business owners.