Start A Small Business in Westchester: Creative Funding Sources

Small Business FundingFirst you have the idea, that’s key: Then comes the planning – tedious, but essential. Now, you need the financial backing to make your dream a reality and promote your business to flourish. Yes, there are the traditional means with which you can fund your business – savings, traditional business loans, etc. However, what about those other amazing resources available to you to help start a small business in Westchester? There is a pool of countless fiscal opportunities in which you can immerse yourself that may better serve your needs. Here, we’ll provide you with a bit of information on a few places where you can begin your search for a creative funding source.

Grants and Specialty Programs

Before we delve too deep, let’s address federal grants first. According to the Small Business Administration (SBA) website, federal grants are not awarded to fund new or enhance existing commercial businesses. So we can just avoid looking in that direction all together (unless, of course, your business is a non-profit or education institution whereby you could visit to search for grants appropriate in funding a program representing your organization’s mission). But be not dissuaded! The SBA website also has a search feature that allows you to enter criteria specific to your type of business as well as its geographic design and reach to find a list of grants (and loans) that you may be eligible for. Click here to begin your search!

In addition to grants, there are a number of specialty programs that cater to entrepreneurs both nationally and in New York State. The Small Business Division of Empire State Development has a listing of programs as well as a listing of alternative funding sources that you may be eligible for. Additionally, consider any trade associations or memberships that you may have. Are you a minority-owned business? Consider all facets of your business that makes it unique, and explore the possibility for programs and grants to help you start a small business in Westchester.

Loans and Venture Capital

Surely, you are aware that there are loan and investment programs that cater to the small businessperson. The SBA New Market Ventures Capital Program is an economic stimulus program that may serve to help you start a small business in Westchester. The SBA also hosts a Small Business Investment Company (SBIC) Program with SBICs in New York that you may want to look into. The SBICs are licensed and regulated by the SBA.

As far as loans go, be sure to consider smaller and/or local banks for your small business loans. The possibility is stronger that they will be willing to lend to a local business to have a hand in building up the community. Additionally, the SBA has a number of loan programs that you might want to consider.

With the vast amount of funding resources available in today’s market, an entrepreneur has a greater chance to not only find the financial support needed to move forward and start a small business in Westchester, but to be positioned within a program and on a path that will allow for growth and gain.