While there is a commonly held belief that grants are available for small business owners, the truth is that very few exist.
There are some grants available for specific agricultural operations and new energy technologies. However, if you need money to start a small business or keep an existing one operating, you have to rely on either traditional lending or your own creativity.
Here are a few suggestions to consider if your businesses is in a financial pinch:
- Looking through resources that the Small Business Administration offers
- Applying for a line of credit or home equity loan from your current bank or credit union.
- Discussing your plans with family or friends if they’re interested in helping you.
- Modifying your plans so you need less start-up money or have lower monthly expenses.
- Meeting with a small business advisor to look over your financial statements and discuss where you can cut costs and increase revenues.
- Supplementing your business income with part-time or seasonal work so you can grow your business with less pressure.
- Take a bookkeeping class to find outstanding accounts receivable.
- Creating an exit strategy so that you have a soft landing as you close your business.
If you’re feeling the pinch, feel free to give us a call at SBDC. We can help you find options and solutions. 503-399-5088.