New program anchored by an online resource portal will help entrepreneurs learn about options for securing capital, and how to connect with financial experts, tools and organizations that can help their small business thrive
Washington, D.C.– One of the biggest challenges facing small business owners and entrepreneurs has been and continues to be the inability to access sufficient credit and capital. That’s why Small Business Majority has launched a resource and education program, anchored by a new online access to capital resource portal, to help entrepreneurs explore their options for securing capital, and connect with financial experts, organizations and information to help them get the funding they need for their small businesses’ start-up, survival and growth.
The Small Business Access to Capital Program and Online Resource Portal is the first component of Small Business Majority’s Entrepreneurship program that will be rolled out over the next 12 months. The program consists of in-person seminars, online webinars and the online resource portal that provides an overview of potential funding options for small businesses, including the U.S. Small Business Administration’s loan programs, community banks and credit unions, microloans, crowdfunding and alternative online lenders. The resource portal also provides information on how to connect with reputable agencies and organizations that can help entrepreneurs navigate the funding landscape. The website also includes information for women and minority-owned businesses who face unique challenges when accessing capital.
“I have been a small business owner for 20 years and have continually struggled with obtaining capital to finance my cafe operations,” said Pam Gueldner, co-owner of Manndible Café in Ithaca, New York. “When my business partner and I first had the idea to open a cafe, we were turned down for a start-up loan by most of the banks in town. When we wanted to expand, we could not get a bank loan for renovations or operating capital, despite having very good credit scores and a thriving business with 45 employees. Our only option was to borrow from high interest credit cards.”
Small Business Majority’s opinion polling found 90 percent of small business owners identify access to capital as a problem—and with good reason. Big banks approve just 2 in 10 small business loan requests. That’s up from less than 1 in 10 just a few years ago, but still not very encouraging. And those numbers don’t count the many small firms that don’t even apply for loans for fear of rejection.
“For entrepreneurs, getting a loan could mean the difference between success and failure, whether it’s used for renovation, purchasing equipment or working capital,” said Rhea Aguinaldo, Small Business Majority’s Manager of Entrepreneurship. “Securing funding might feel like an uphill battle, but the truth is there are more funding options than ever before. Our new resource portal outlines these funding options and provides entrepreneurs with the tools they need to make the best decisions for their small business.”
To learn more about the Small Business Access to Capital Program and the online resource portal, visit: www.sbmbizportal.com.
