Securing Financial Aid For Small Businesses
Running a business is difficult, regardless of the size. But for small business owners, this can truly feel like an uphill battle. And without the proper financial aid, the fight can be even tougher. As the old adage goes, “money makes the world go round.” You may have a lower starting capital preventing you from attaining the resources your business needs to thrive.
If you’re in the beginning stages of your small business journey, you’re likely shouldering most of the responsibilities. But contrary to this, there are actually a number of supports available aimed at lightening this financial burden. Affinity Bank is one of those supports. As such, we’ve compiled a list of options that can help you succeed. Read on to learn more.
If money is a concern, there are many funding opportunities available at no extra cost to you. Take grant funding, for example. There are several grants that small businesses can apply for. The best part is that this is money you don’t have to pay back. That said, there are some caveats here.
If your business makes active efforts towards bettering your surrounding communities, your chances of success here are even higher. Sites like Grants.gov allow you to browse the endless number of opportunities. They’re also great about spelling out the specific qualifiers by grant. There’s even funding specific to minority owned businesses, woman-owned businesses, and many more distinctions.
There are also many institutions available whose sole purpose is to support small businesses. The SBA, or Small Business Administration, exists purely as a tool to “assist and protect the interests of small business concerns.” As their site notes, this is done to preserve free competitive enterprise and maintain and strengthen the overall economy of our nation.”
The SBA doesn’t just stop at funding, either. Like Affinity Bank, they seek to help small business owners become informed on all options available to them. This includes enhancing their financial literacy, preparing them for all likely outcomes. The SBA is also notable for its user-friendliness, with quicker processing times to boot.
Fallout From COVID
In 2020, the entire world was rocked by the pandemic. There are several industries that are still recovering from the fallout. Sadly, some weren’t able to survive its crushing blow. While it’s impossible to say for sure, knowing about some of the COVID specific aid available may have prevented these professional casualties.
Many institutions still offer financial support aimed at undoing the harm done by COVID-19. Like grant funding, some are even able to receive funding without having to worry about paying it back. Even those who do have to pay back the funds are often given loan requirements that pale in comparison to the average business loan. Lower interest rates, manageable monthly payments, extended payback dates; the list goes on.