Resources for Business Owners to Help Start or Grow your Business

Do you have a business idea, and you need guidance on how to start? Or are you in the process of growing your business and you need advice on how to get your business to that next level? There are business advisory and educational resources available to provide you answers to the common challenges you face during your business journey.

Local and National Business Advisory Resources: These organizations provide education and guidance that small business owners can leverage to not only better their business operations but assist in the process of accessing financing. These resources are available in person and virtually and are often free or at a low cost to the business owner.

• Small Business Development Centers (SBDC)| https://www.sba.gov/local-assistance/resource-partners/small-business-development-centers-sbdc
• Women Business Center (WBC)| WBC: https://www.sba.gov/local-assistance/resource-partners/womens-business-centers
• SCORE Business Mentoring | https://www.sba.gov/
• SBA Sponsored training and networking events and webinars | https://www.sba.gov/events
• Your Local Chamber of Commerce | https://www.uschamber.com/co/chambers
• SBA Learning Center – Online | https://learn.sba.gov/dashboard
• Federal Contracting Assistance| https://www.sba.gov/federal-contracting
• Minority Business Assistance Centers | Minority Owned Business Development Program | YBI
• Your local Economic Development Corporation
• Local Certified Development Financial Institutions (CDFI)
• Profit First partnership with Impressia Bank
• Impressia Bank Master Class

Consider the following as you start or expand your business operations:

• Have you drafted a business plan? If you are a startup, this is essential. If you are growing, refreshing your plan as your business grows ensures you are aligned with your end goal.
• Do you have prior experience in the industry? Experience is an important factor when securing financing.
• Understanding what equity you have to put into the business or project is important. If you have already put equity into the project, how much and do you have proof of the prior investment?
• What is your personal and business credit profile? Your past credit history may impact your ability to access financing.
• Do you have a network of support to help you operate your business? As a business owner you wear many hats, but it is important to seek the help of professionals to fill the gaps of where you may need specialized support.

Nationally and locally, there are organizations, corporations and foundations that offer loan programs or grant opportunities. Some things to consider about each are:

Loan Programs: There are local mission driven organizations that receive funding from various sources, and they deploy those funds via loan programs that are directed to underserved communities. These loan programs offered through local CDFIs or government programs are often funded by investors and grants. Technical assistance may be part of the package of receiving these loan funds. These loan programs are primarily eligible for for-profit business entities to apply.

Grant Opportunities: These are free funds often offered by corporations as well as by the national, city and local government or mission driven entities. For businesses, these are often highly competitive and smaller dollar amounts compared to the available loan programs. The process is like securing a scholarship. There is an open enrollment period, a grant recipient selection process and then funding to the “winners” based on grant parameters. Some have required technical assistance as part of the grant awarding package. Also, some business focused organizations host local pitch competitions, which include an application and selection process, and the winner is awarded grant funding. Due to eligibility requirements, non-profit organizations do have more access to grant funding, than business entities do.

When looking at Loan Programs and Grant Opportunities, you must:

1. Consider where you are in your business growth journey as this will help you determine what assistance is needed to get you to that next level.
2. Determine your funding need – How much and for what?
3. Confirm enrollment period and funding period to ensure it meets your funding needs.
4. Are you eligible? (for-profit vs non–profit, location of business (City and State), industry, years in business, use of funds, able to comply with application requirements as well as requirements tied to receiving the money)