By Marie Powell
Faculty Member, Retail Management at American Public University
The rise and fall of small business has been a subject in the forefront of our nation’s economic discussions for some time now. I have witnessed in my community and surrounding areas the devastation of the closing of many small businesses that were the life blood of the communities where they once flourished. We are starting to see some gains in employment, which means help is on to the way for the small businesses that have been able to hold on despite recent economic hardships.
According to Intuit’ Small Business Blog 1/30/2013:
“Kicking off the new year the right way, U.S. small businesses added 20,000 new jobs in January, equating to a 0.11 percent increase from December, according to Intuit’s Small Business Employment and Revenue Indexes. Construction, a strong indicator of the health of U.S. small businesses, was the only industry to see revenues increase in December. “The small business employment recovery has resumed,” remarked Susan Woodward, the economist who worked with us to create the indexes.”
This is good news because small businesses are part of the fabric of our nation. Even with the downturn in our nation’s economy, we know that there are opportunities for growth of existing businesses and for up-and-coming entrepreneurs who are looking to get that new and exciting niche product or service into the marketplace to find success.
Resources for small businesses are now just a click away! If you are considering a new business or know someone that has a yearning to become a business owner, I have compiled a list of resources that are available. Remember, the traditional way to start a business is always still available – personal savings, family loans, small business loans (SBA through a preferred lender), bank loans, and even finding a business partner that is willing and able to financially back a new enterprise. Today we can also find sources that are available through the efforts of microloans, grants, and private funding sources of venture capitalists and angel investors.
Here are my favorite small business funding resources:
- www.multifunding.com – MultiFunding is one of the smartest ways to explore financing for your business. The site offers information about loan options and helps you find the one that fits. www.Kiva.org – This is a non-profit organization with a mission to connect people through lending to alleviate poverty. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world.
- www.accionusa.org – As a leader in U.S. microfinance, Accion is committed to bringing affordable small business loans to micro-entrepreneurs. Accion has provided over $132 million in over 20,000 microloans since inception in 1991, helping to grow small businesses and strengthen the communities they serve.
- www.lendingclub.com – Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit financially. Lending Club offers a faster, smarter way to borrow and invest.
Even the new small business entrepreneur can feel the concern about where business is headed in our current economy. But rest assured that business must go on regardless of the current business and financial forecast of our country. We are, in this United States of America, entrepreneurs and visionaries always looking to improve lives and create our destiny.
About the Author:
Marie Powell has been an adjunct for APUS for 2 years in the Retail Management program. She received her MBA from University of Phoenix with a concentration in Marketing. She is also fulltime professor where she has created courses several courses: Entrepreneur and Social Media, Entrepreneur and Social Change, and Case Studies in Fashion Marketing. She is the owner of a small business/marketing consultant company for entrepreneur start-ups and existing “for-profit” and “non-profit” businesses.
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