Financing and Capital for Small Business
The fuel needed to run the engine of any business is capital. Oftentimes finding the capital to grow or sustain a small business is no small challenge. While the state does not offer grants to start a small business, there are numerous financial assistance opportunities offered through state and federal agencies.
“The small business programs offered by Louisiana Economic Development have been instrumental in helping focus on long-term growth strategies that have certainly paid off. We have grown 100 percent in sales since utilizing these resources and look forward to greater possibilities in the future.”
Federal and state governments offer a number of programs designed to get capital into the hands of small business owners. To search a more comprehensive list of available federal programs, visit www.govloans.gov. Some of the more popular programs are listed below.
U.S. Department of Agriculture Rural Development
The U.S. Department of Agriculture (USDA) Rural Development supports rural communities through loan guarantees, direct loans and other related financing services.
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) offers a variety of loan programs for specific purposes such as businesses exporting to foreign countries and businesses that operate in rural communities or need micro-loans.
Louisiana has a wide range of lending institutions that can help any small business grow. You can find a list of chartered banks in Louisiana online at the Office of Financial Institutions.
ADDITIONAL ACCESS TO CAPITAL
Small businesses may find it helpful to contact a non-traditional banking institution that is committed to providing loans to underserved communities, such as the ones listed below.
Most federal grants are provided to companies that invest in research and development, not for starting and expanding a business. Counseling and training grant opportunities are posted on www.grants.gov and additional grant information can be researched at www.cfda.gov.