Browsing Tag

Small Business Administration

39 posts
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The Importance of a Having a Business Mentor When Starting Up

As an entrepreneur, you have a fierce independent streak. It’s how you got your business off the ground in the first place. However, there will come a time where you hit a wall when it comes to growing your business. When you reach that point in your journey, it’s important to have a business mentor to...
Small business grants
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Top Small Business Grants for Women and Minorities

For an updated list of grant programs for women and minorities available in 2021, please click here. Funding a small business can be quite the undertaking, whether you’re starting a new venture for the first time or have decades of experience in your industry. Of course, securing capital is often necessary, but depending on what...
business plan
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A Step-By-Step Guide to Writing a Killer Business Plan

A business plan is as important to a new business as a map is to a ship, or blueprints are to an architect. A written business plan will guide your actions and keep you focused on your short- and long-term goals. Your business plan puts your aspirations into words (and charts), demonstrating to partners, investors...
business mentor
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Why You Need a Business Mentor (and Where You Can Find One)

Mattie Mae Larson has a growing business in Hawaii turning trash into treasure. Her company, Upcycle Hawaii, creates wallets, zipper pouches, bookmarks, beach totes and a plethora of other products. All of Upcycle Hawaii’s items are made from post-consumer waste diverted from local landfills. While her business has been built with blood, sweat and tears,...
business loans
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Are Business Loans More Affordable Now Due to the Pandemic?

The COVID-19 pandemic has devastated the global economy in a number of ways. Unemployment is up, the stock market is down, and small businesses are struggling to make ends meet. While Congress approved some financial help for small businesses with the Paycheck Protection Program (PPP), that aid has since expired and efforts to extend or...
wjr business beat
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WJR Business Beat with Jeff Sloan: SBA Procurement Program for Women-Owned Businesses (Episode 88)

On this morning's WJR Business Beat, Jeff shares recent Small Business Administration (SBA) news announcing a certification program that helps ensure that women-owned businesses are competing on a more level playing field with other companies applying for the same contracts. The certification requirement applies only to those businesses wishing to compete for specific set aside...
wjr business beat
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WJR Business Beat with Jeff Sloan: SBA EIDL Lending Program (Episode 83)

Today on the WJR Business Beat, Jeff reports on the EIDL program. The U.S. Small Business Administration announced the conclusion of the first component of the program, which provided U.S. small businesses, nonprofits and agricultural businesses immediate grant funding, totaling $20 billion. The distribution of the $20 billion went to nearly 6 million small businesses, employing...
relief funds
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COVID-19 Small Business Relief Funds Exhausted

You may have heard that the Small Business Administration (SBA) has run out of money to fund the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. In other words, at least for the time being, the COVID-19 Small Business Relief Funds have been exhausted.   Congress is currently working on another appropriation...
COVID-19
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Do You Qualify for the $367 Billion in SBA Loans for COVID-19?

This article was updated on March 27, 2020, with the current state of the SBA Disaster Assistance in response to the coronavirus (COVID-19), what’s included within the $2 trillion aid package, when we can expect the aid to be available, and the process for applying for the relief. The SBA Disaster Assistance bill (CARES) that...
fund
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5 Realistic Ways to Fund Your New Business Venture

Most small business owners run into cash flow issues at some point in their entrepreneurial journey. It's a valid source of concern. Cash flow and lack of funding are primary reasons small businesses fail. And it may be the leading cause of your entrepreneurial angst.  If you're a first-time entrepreneur, some of the most recommended...
mentoring
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6 Mentoring Resources for Women Small Business Owners

For female founders who face unique challenges (especially when trying to break into male-dominated industries), having a mentor could be the missing piece of the entrepreneurial success puzzle. Navigating the roadblocks to business success becomes much easier when you have mentors with experience to guide you. Mentors can make connections, introduce you to trustworthy legal...
funding
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The Best Funding Options for Minority Entrepreneurs

Access to funding is often the difference between growing a successful business and closing up shop. And while there are a lot of funding options out there for entrepreneurs in general, minorities often need to go the extra mile to acquire that capital. A study by the Department of Commerce’s Minority Business Development Agency looked at...
financing
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Spending Freedom: The Truth About Small Business Financing

It’s hard to qualify for a traditional small business loan through a bank, and it’s even more difficult to get funding through a Small Business Administration (SBA) loan. If you do make it through the 60- to 90-day application process, you still aren’t in the clear. Traditional lenders have rules about how you spend the money from...
minority business
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How to Find and Apply for Minority Business Loans

Many minorities are starting businesses, have been running one for a while, or are well-established in their industry. Despite their qualifications and eagerness to be part of a growing economy, however, there are some obstacles unique to them. The U.S. Census reveals that minorities, specifically Hispanics, Asians and African Americans, have a household net worth...
Rapid Finance
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Get Cash Fast: The Truth About Small Business Financing

The process of getting a traditional bank loan for your small business is frustrating. It’s nearly impossible to get a banker’s attention if you have questions. You are expected to fill out a long, complex application on your own, submit all of the supporting documentation that is required, and then wait. And wait. And wait....
mentor
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7 Ways to Find a Mentor (and Why Having One is Vital to Your Startup’s Success)

When you start a new business, you’re going to want to find a good mentor. Mentors are as close to a business success hack that exists: they can provide validation, encouragement, networking opportunities, perspective, industry-specific strategies, accountability and more. It’s no surprise then that studies connect mentorship to higher outcomes of success and more revenue...
franchise
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6 Ways to Finance Your Franchise

If you’ve decided to join the millions of business owners who own a franchise, you’re going to need money--and sometimes a lot of it. Franchise startup costs can run from thousands to more than a million dollars for some of the most popular restaurant franchises. While many of the top franchises require a franchisee to...
startup costs
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Hidden Startup Costs Entrepreneurs Should Know About

While it's ideal to start a business with extra financial cushion, this isn't always realistic. There will always be certain expenses you’re prepared to anticipate, like filing taxes and incorporating or forming an LLC, but others might creep up and surprise you. Wait, you have to pay a fee just for filing an application? Permits...