Overcoming Business Finance Challenges

Hey Bosses! August is slowly coming to an end, but before we say farewell to Black Business Month, let's talk about a topic that hits close to home for all of us hustling in the small business world: financial hurdles. 

Whether it's finding that extra cash to kickstart your venture, or getting a loan, I've got some great resources to share with you! 

Grants for Entrepreneurs

Grants provide much-needed capital without the burden of repayment. Here are some top grant options:

• BusinessLoans.com is an online marketplace that connects small business owners with various loan offers, making it an excellent option for those needing quick and diverse funding solutions.
• Comcast RISE Investment Fund offers financial support, marketing consultations, and technology upgrades with an emphasis focused on diversity, equity, and inclusion.
• The Coalition to Back Black Businesses provides immediate financial assistance and long-term support to Black-owned small businesses through grants, mentorship, and resources.

 Identify Grant Opportunities

• Why: Finding the right grant can significantly increase your chances of success. It ensures that your business aligns with the grant's goals and that you're eligible to apply.
• Example: A small business owner operating an accounting firm company might search for grants focused on providing resources and assistance to small businesses, such as mentorship programs, access to capital or diversity and inclusion in the accounting profession.

Prepare a Strong Application

• Why: A well-written application showcases your business's potential and demonstrates how the grant will positively impact your community. It's your chance to make a strong impression on the grant reviewers.
• Example: A grant application for a new bookkeeping business might highlight the potential to help local entrepreneurs improve their financial management.

Submit Required Documents

• Why: A complete and accurate application shows that you've taken the grant process seriously and are committed to the project. It also avoids delays or potential rejection due to missing information.
• Example: Required documents might include financial statements, business plans, letters of support, and proof of eligibility. Ensure that all materials are submitted on time and in the specified format. 

✨Bonus

Have you tried creating a crowdfunding campaign? 

Crowdfunding platforms like GoFundMe are great for raising capital while building community support. You create a campaign, set a funding goal, and share your project with potential backers who can contribute if they like your idea.

• Kickstarter and Indiegogo are great options for small business owners looking to fund their projects. They allow you to raise money directly from potential customers, test market interest, and build a community around your business. 
• Plus, Indiegogo's flexible funding option lets you keep the money you raise, even if you don't reach your goal.
• Kiva, on the other hand, offers small business owners community-backed loans up to $15,000 with 0% interest. This platform connects entrepreneurs with individual lenders who contribute as little as $25 to support their businesses.

Conclusion

From grants to crowdfunding, there are options to overcome financial hurdles and fuel your entrepreneurial endeavors. 

Do you have any more questions about funding or small business finance? Join my Be the Boss of Your Books Club for our Ask Me Anything segment. In the next meetup, let’s tackle your specific questions and find the best solutions for your business!