By: Attorney Shira Truitt
Small businesses are the backbone of many local economies and communities, and it's
important for them to have access to the resources and support they need to thrive. There are many organizations and resources available to small businesses, and it can be overwhelming to try to navigate them all. Here are a few options that may be helpful for small businesses looking for support:
1. The Small Business Administration (SBA) is a government agency that provides a range of resources and services to small businesses, including financial assistance, counseling, and training. The SBA also offers grants and loans through its various programs, including the 7(a) Loan Program and the Microloan Program.
2. SCORE is a nonprofit organization that provides free business mentorship and workshops to small business owners. SCORE has a network of over 10,000 volunteer business mentors who can offer advice and guidance on topics such as marketing, financing, and business planning.
3. Local chambers of commerce and economic development organizations often provide resources and support to small businesses in their communities. These organizations may offer networking events, business training, and access to funding and financing resources.
4. Many states and cities have small business development centers (SBDCs) that offer a range of services to small businesses, including consulting, training, and access to funding. SBDCs often have a focus on helping businesses in specific industries or sectors.
5. Online resources, such as the National Association of Small Business Owners (NASB), offer a range of information and resources for small business owners. The NASB offers access to business tools, templates, and information on financing, marketing, and other business-related topics.
Small businesses in Missouri and Illinois have access to a range of resources and support to help them succeed and thrive. In addition to the aforementioned, the Missouri Small Business & Technology Development Centers (SBTDC) and the Illinois Small Business Development Centers (SBDC) offer a range of services to small businesses in their respective states, including consulting, training, and access to funding. These centers often have a focus on helping businesses in specific
industries or sectors. Access to funding is often a critical factor for small businesses looking to start, grow, or sustain their operations.
There are many options for small businesses seeking funding, and it can be helpful for business owners to research and understand the various options available to them. Here are a few options to consider:
1. Traditional bank loans are a common source of funding for small businesses, and banks often offer a range of loan products specifically designed for small businesses. These loans may be secured or unsecured, and may have fixed or variable interest rates. It's important for small businesses to carefully review the terms and conditions of any loan they are considering, and to understand the potential risks and benefits.
2. Government grants and loans are another option for small businesses seeking funding. The Small Business Administration (SBA) offers a range of grants and loans through programs such as the 7(a) Loan Program and the Microloan Program. It's important for small businesses to carefully review the eligibility requirements and application process for these programs, as they can be competitive.
3. Venture capital and angel investors are another option for small businesses seeking funding. These investors may provide equity capital in exchange for a ownership stake in the business. It's important for small businesses to carefully review the terms and conditions of any investment they are considering, and to understand the potential risks and benefits.
4. Crowdfunding platforms, such as Kickstarter and Indiegogo, allow small businesses to raise funds from a large number of individual donors in exchange for rewards or perks. These platforms can be a good option for businesses looking to test the market for a new product or service, or to build buzz and excitement around their business.
5. Many small businesses also seek funding from friends and family, or from personal savings or investment accounts. It's important for small businesses to carefully consider the potential risks and benefits of this type of funding, and to make sure that any agreements are clearly documented.
Small businesses have many resources available, and it's important for business owners to research and explore the options that best fit their needs. Taking the time to evaluate and fully understanding the potential risks and benefits of different funding sources, most small business owners can make informed decisions about the very best way to finance their operations. Moreover, by leveraging these resources, small businesses can get the support they need to succeed and thrive.
For more information on business law, see my video at https://youtu.be/5GxzLVMnEUY.
References:
Small Business Administration. (n.d.). Funding programs. Retrieved from https://www.sba.gov/funding-programs
Kickstarter. (n.d.). What is Kickstarter? Retrieved from https://www.kickstarter.com/help/faq/kickstarter+basics#WhatIs
Indiegogo. (n.d.). What is Indiegogo? Retrieved from https://www.indiegogo.com/about
Small Business Administration. (n.d.). About the SBA. Retrieved from https://www.sba.gov/about
SCORE. (n.d.). About SCORE. Retrieved from https://www.score.org/about-score
National Association of Small Business Owners. (n.d.). About NASB. Retrieved from https://www.nasbo.org/about-nasbo
Missouri Small Business & Technology Development Centers. (n.d.). About Us. Retrieved from https://missouribusiness.net/about/
Illinois Small Business Development Centers. (n.d.). About Us. Retrieved from https://www.ilsbdc.biz/about-us/
If you need legal advice or a lawyer in Illinois or Missouri, please contact The Truitt Law Firm, LLC for assistance. For more information on The Truitt Law Firm, LLC or to schedule an appointment, please go to www.thetruittlawfirm.com.
