Insights into the world of small business lending and development

Blog

This blog originally appeared on the blog of our partner CO-STARTERS.

Although some businesses have seen the relief offered by the CARES Act—particularly the Paycheck Protection Program SBA loans—many small businesses have been left wondering if their application is even being considered. 

This financial limbo is a really tough place to be, because managing cash flow is a “right now” problem. Federal loans are showing themselves to be solutions of the distant future. 

So what exactly is going on? Why aren’t businesses hearing back about their loans? And what should they...

This blog originally appeared on the blog of our partner CDC Small Business Finance 

As a small business owner, we know you need relief and you want it fast. We urge you to be diligent when getting an emergency loan. It’s critical to know how to not fall victim to scams and fraud.

“Fraudsters have already begun targeting small business owners during these economically difficult times,” according to the SBA, which warned owners in particular of grant and loan fraud and phishing schemes.

One very important alarm bell: The SBA will NOT initiate contact with you on 7a loans...

This post originally appeared on the blog of CDC Small Business Finance

CDC Small Business Finance understands the profound impact of the Coronavirus on small businesses everywhere. The challenge may seem overwhelming, but we have concrete steps for small business owners to take as they face it. 

Our Business Advisers have prepared their top tips for businesses impacted by COVID-19. 

We urge you – these tips are important to address immediately and continually over the next 30 to 60+ days.

In the guide, you will find several categories we hope will be of assistan...

This post originally appeared on the blog of Small Business Majority.

In celebration of Black History Month, we hosted a Twitter chat during which we asked partners like Accion, CAMEO, Working Solutions, Illinois SBDC and Main Street Launch to share resources and advice with black small business owners and entrepreneurs. 

Below is a brief recap of the questions and a sample of the great tips and information shared during the chat. For more resources and advice, visit our online portal Venturize.org.

Q1: Why is it important to recognize the contributions of black entrepr...

This post originally appeared on the blog of CDC Small Business Finance

When Georgia’s restaurant opened in Anaheim’s historic Packing House in 2016, co-owners Gretchen Shoemaker and Marlon Machado conservatively projected first-year sales to be between $250,000 and $500,000. By the fifth month of serving their version of “soul delicious” food to thousands of patrons, they hit $1 million.

“It proved to us we had a winning concept,” said Marlon, Gretchen’s son-in-law, adding that Georgia’s has enjoyed a yearly increase in annual sales of 15% to 17% for four years running and pr...

This post originally appeared on the blog of CDC Small Business Finance

Knowledge is power. This is especially true when it comes to learning the facts so you’ll know what to do to give your business the financial boost it needs to thrive. 

Whether the goal is to fill short-term needs, make long-term growth possible, or even to plant the seeds for a new venture, established business people and entrepreneurs alike should make an effort to become familiar with the variety of resources available to them.

As any small business owner knows, the holiday season is the perfect time to boost your bottom line. We know figuring out the best way to market your business or product and how to stand out from the crowd can feel overwhelming. But, there's no need to get your stockings in a twist. Whether you’re an online vendor, a restauranteur or even an accounting firm, there are some easy ways that you can connect with your community and your clients during this busy time of the year. 

1. Offer holiday sales and specials

Even if you aren’t in retail or the food and beverage industry, you can st...

Did you know there are more than 2.5 million veteran-owned businesses in the U.S? Our nation’s veterans are hard-working, resilient and resourceful, making them specially equipped for entrepreneurship. However, they can often face significant obstacles when it comes to accessing capital and business networks. If this sounds familiar to you, you’ve come to the right place. In honor of National Veterans Small Business Week, we’re sharing some of our favorite stories of successful veteran entrepreneurs and resources that can help you start and grow a veteran-owned business. 

Advice from ve...

This post originally appeared on the blog of Small Business Majority

While many 13-year-olds dream of becoming firefighters or football players, 13-year-old Johnathon Bush not only dreamed of being an entrepreneur but was already becoming one. While growing up in Toledo, Ohio, he realized the only way he could make money at a young age was through entrepreneurship, so he started baking cookies and selling them to friends and family. But, his bake sales evolved into something bigger than his middle school self could have expected. 

Johnathon has been growing and developing Not...

This is the final post in our series, “Turn your bright idea into a business.” Check out our other posts on validating your idea, running the financials and testing the waters by starting small. 

You’ve been thinking about starting a small business for a while, and you’ve even done your homework to try out your idea. Hopefully you’ve read our other posts in this series for advice on validating your idea, doing a bit of market research, thinking through the financials and testing the waters by starting your business on the side. While you’ve successfully taken some steps towards becom...