Summary: Discover essential financial resources for small business growth, including SBA loans, grants, local support, and free online tools to boost financial knowledge. Learn how to leverage these opportunities to fund, expand, and sustain your business.
From start-up costs to funding expansion, it takes a strong financial foundation for a small business to succeed. When your finances are covered, you gain the freedom to innovate and dream.
Since funding doesn’t grow on trees, you’ll need to put in some footwork to secure the funds you need to grow.
We’ve curated this list of financial resources to give entrepreneurs like you a solid place to start. From small business grants to accessible loans, we’ll share the resources successful business owners use to attain security. Whether you’re scraping by or ready to expand, read on to discover a solution that can help.
SBA-Guaranteed Loans
The Small Business Administration set up guidelines to make it appealing for organizations to lend to small businesses. These SBA-backed loans have competitive terms and offer benefits like flexible overhead requirements. Plus, if you meet certain criteria, you may even qualify for free loan counseling and financial education.
The three basic types of SBA loans include:
- 7(a) Loans. Long-term loans to fund or grow a small business.
- 504 Loans. Long-term, fixed-rate financing through designated, mission-based companies intended to support business growth.
- Microloans. One-time loans of $50,000 or less provided by intermediary lenders, ideal for small improvements.
Some SBA-guaranteed loans are to be used as working capital, while others are earmarked for purchasing fixed assets. If your business is creditworthy, you can receive a loan of up to $5.5 million.
Small Business Grants
Grants are financial awards granted by a government or institution to help a business achieve a stated goal. Think of them as a source of free money for your small business.
Access to free resources and money can be competitive. You must fill out a grant application to be considered for a grant award.
Grant writing is a skill. It requires hard work, time, and research to compile and submit a competitive application. If feasible, you might consider hiring a grant writer to assist with the process.
Granting organizations often have concrete goals. They may wish to fund businesses with a specific mission. Others may choose to fund businesses based on the demographics of the organization.
Often, organizations hold sessions for prospective applicants to ensure they understand the organization’s priorities, the business’s requirements, and other important information. Attending such sessions can increase your odds of receiving the award. Additionally, it can save you time if your business does not qualify or is not a strong contender.
Here are a few grant opportunities that small business owners should know about:
- The Amber Grant.A grant for women-owned businesses offering monthly, annual, and specialized grants for specific business projects.
- SBA Grants.The Small Business Administration offers grants for community promotion, research, and exporting.
- 500 Global Flagship Accelerator Program.A granting program for start-ups, which offers $150,000 in investment, including tailored support.
- Walmart Spark Good Local Grants.Quarterly grants of up to $5,000 to address the needs of a community.
- America’s Seed Fund.Grants of up to $2 million for businesses developing innovative technology.
- Foundation for a Just Society Grants.Quarterly grants for businesses of all sizes that support women and LGBTQI populations.
- National Association for the Self-Employed (NASE) Growth Grants.Members of NASE may qualify for grants of up to $4,000 to assist with marketing or training.
There are many more financial resources where these came from. In particular, look out for industry or demographic-specific grants. They are excellent financial help resources that can jumpstart growth.
Local Small Business Support
Your local chamber of commerce likely offers resources for small businesses in your community. While some resources are financial, others might lead to financial benefits down the line.
Foremost, your chamber of commerce might offer low-cost business loans, financial aid, or event grants to local businesses. After all, they want to see their area thrive. By funding local businesses, they can ensure their community is a rich and thriving destination with bustling storefronts.
Additionally, by joining your chamber of commerce, your business may be entitled to discounts. This can save you money on everything from insurance to office supplies and local marketing opportunities. This can bolster your cash flow and also provide less tangible opportunities for growth and outreach.
The most crucial non-money resources that chambers of commerce offer are networking opportunities. You will forge connections with other small business owners working and thriving in your community. That’s where collaborations begin. You might even learn about other financial resources from local entrepreneurs who have been in your shoes!
If you operate out of a lower-income region, look into Community Development Financial Institutions. CDFIs help to support local businesses through loans or microloans. Their goal is to revitalize the community through business growth.
Free Online Financial Resources
Don’t discount the many free online financial resources that offer financial education to boost your business acumen. If finances are your weak point, online classes and webinars can fill in the gaps in your knowledge.
Often, you’ll have the opportunity to ask specific questions of financial experts. They might even share resources like the financial resources above.
Resources might include:
- The Open University
- The SBA’s Money Smart curriculum
- The Latino Small Business Program
- Google Digital Garage
- Harvard Business School Online
We also invite you to attend free small business webinars at our Small Business University. These live and pre-recorded courses answer the real questions business owners face today. We’ll provide financial education and financial resources to accelerate growth.
Discover Our Small Business University for money resources and more!