7 Resources and Programs to Help Small Businesses Thrive

Whether starting or growing a small business, thriving on your own as a company owner can be challenging. You want to be sure your entity is sustainable for years to come. However, navigating through small-business ownership comes with various obstacles to tackle.

For instance, you may be highly knowledgeable in leading a team, but not knowing when to hire can keep your business from scaling. Another challenge is achieving growth with very little resources. Where can you find the money to help your organization reach the next level? Luckily, plenty of resources and programs are available to assist you in taking your business forward.

1. Small Business Administration

The U.S. Small Business Administration (SBA) is a key resource for small businesses that offers many helpful services. For instance, the SBA has various loan programs like the 7(a) loan. The 7(a) loan program provides financial assistance to small companies, whether you need working capital funding or to refinance debt. For all your general needs, you could be eligible for a maximum amount of $5 million.

There is also the 8(a) Business Development Program. This specialized program works with socially and economically disadvantaged people who own small businesses. It offers assistance in helping individuals navigate federal contracting. It will even pair company owners with mentor companies to provide training and development in government contracts.

The SBA also helps with business planning. It provides tools and advice to create good business plans, especially as you start or grow your business. All its resources are available for more information on its website to help you get started.

2. Federal and State Government Grants

Federal and state governments offer plenty of grants to help startups grow. They are a great way to get your company off the ground without paying the money back. Federal and state grants often award small organizations financial assistance for those working in special areas. They specifically cater to businesses in a certain field like education, technology or non-profit. However, governments typically require entities to match or combine the funding with a loan.

If your business resides in Canada, you could be eligible for financial assistance through programs like the Strategic Innovation Fund. Programs like these aim to boost the economy to create jobs or advance technology. For this program specifically, you must have a project with a minimum budget of $20 million, and the Canadian government will pay up to 50% of the costs.

For more local funding, the states in the U.S. will provide grants, too. For example, Georgia has the Early Stage Innovation Fund for high-tech startups. This fund offers financial aid for new businesses to innovate and expand.

Federal and state governments offer grants to contribute to economic development. Consider Grants.gov your main place to find and apply for funding, as they could be your chance to grow.

3. Mentor-Protégé Program for Small Business

The Mentor-Protégé program is designed for larger, more experienced businesses to partner with smaller, less experienced ones. Within this program, you, as the protégé, would receive guidance and support from your mentor in several areas.

One of the most crucial aspects your mentor can help with is company development. You would receive directions on making a strong business plan and acquiring new customers. Additionally, startups gain advice on technical matters and improve their ability to compete for contracts.

Another important part is financial assistance. Protégés can gain valuable insights into understanding and managing their finances better. This guidance works with business owners to teach them bookkeeping, financial planning, and finding loans or investments.

The program also focuses on training. Mentors typically advise on running daily operations or implementing new technologies and marketing strategies. It can be an excellent way to improve your experience and learn how to navigate small business challenges.

4. SCORE

The Service Corps of Retired Executives (SCORE) is a non-profit organization that enables over 10,000 volunteers to provide mentoring, education and resources to small companies. SCORE offers inexperienced company owners free guidance from people who have succeeded in business. These mentors have been through it all, so they know the ins and outs of running a business.

SCORE is available in all 50 U.S. states. When you work with this program, you can attend workshops or webinars that teach entrepreneurs about all different topics. For instance, you may learn how to start a company or market your products more effectively. Oftentimes, these classes are free or cost very little.

SCORE also provides online resources, including templates and tools. For example, there are templates for business plans and financial statements, making important tasks easier. Being part of SCORE can help your business in many ways. You will get a chance to learn from experts and gain support for your company.

5. U.S. Chamber of Commerce

The U.S. Chamber of Commerce is a major resource for small businesses representing the interests of entities in the United States. Its goal is to help companies of all sizes do well.

One thing this organization works in is advocacy. The U.S. Chamber of Commerce partners with the government to make laws and policies geared toward small organizations for growth and support. This business organization also offers networking opportunities. Company owners can connect with others to find new customers and partners or get free advice.

The Chamber’s website also provides various resources. You can look into its reports and news to guide your decisions. It even offers advice on things like how to handle taxes or manage new laws. Plus, you can utilize its Chamber OnDemand platform to gain knowledge through videos and industry-expert interviews.

6. Hubspot

Hubspot is another valuable platform for learning about marketing and customer relationship management. This software offers a suite of tools for businesses to attract visitors, convert leads and close customers. It is a CRM system that offers free and paid courses on organizing and tracking customer interactions.

However, Hubspot is more than a marketing and customer relationship management provider. It even offers extensive learning resources through Hubspot Academy. This platform is an excellent educational site for you and your team to learn about marketing and sales, including:

• Content creation
• Social media management
• Email marketing
• SEO
• Inbound sales
• Digital advertising

Many courses it provides offer certifications and badges to display on your website. All courses are free and give you a practical approach to diving through each chapter with a quiz at the end.

7. Small Business Development Centers

Small Business Development Centers (SBDCs) are located across the U.S. to provide free or low-cost counseling to help entrepreneurs. These offer expert advice to professionals on various topics, from business planning to financial management. The SBDC programs have advisors for you to understand small business challenges better.

SBDCs can help you gain more experience through training and workshops, whether you need more skills in social media marketing or financial planning. Additionally, it helps with access to funding. SBDC advisors can guide you on how to get loans and find grants. They will even prepare loan applications and introduce business owners to lenders.

Grow Your Business Through Resources and Programs

Taking advantage of various resources and programs can give you the boost you need to succeed. While entrepreneurship can be challenging, it is also a rewarding endeavor. That is why these tools are here to help. When you leverage guidance and support, you gain the necessities to build a prosperous business.

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Eleanor is editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.