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From the Financial Hotline

By: Financial Hotline
Spring 2025 (Vol. 43, No. 1)

Q: I have a great idea for a business. Can you give me a list of funding, education and other resources?

A: Yes. Here are some places to help you get started:

FUNDING AND FINANCING:

  • U.S. Small Business Administration (SBA) www.sba.gov - Offers loans (7(a), microloans), grants, and disaster relief.

  • Grants.gov - Database of federal grants for small businesses.

  • Kiva at www.kiva.org - Crowdfunded 0% interest loans for underserved entrepreneurs.

  • FedEx Small Business Grant Contest www.smallbusinessgrants.fecex.com - Annual grants for U.S.-based small businesses.

EDUCATION & TRAINING:

  • SCORE www.score.org - Free mentoring and workshops from retired executives.

  • SBA Learning Center - Free courses on business planning, marketing, and finance. (www.sba.gov/learning-center)

  • Coursera & LinkedIn Learning - Affordable online courses on entrepreneurship, marketing, and more.

NETWORKING & COMMUNITY:

  • Local Chambers of Commerce - Connect with local businesses and access regional resources.

  • BNI (Business Network International) www.bni.com - Global networking group for referrals.

  • Meetup www.meetup.com - Find local or virtual business-related events.

LEGAL & COMPLIANCE MANAGED:

  • Your State’s Bar Association

  • IAS Financial www.iasfinancial.com – Our members section contains business start up, guidea and tools

  • LegalZoom www.legalzoom.com - Affordable legal docs (LLC formation, trademarks).

  • IRS Small Business Portal www.irs.gov/businesses - Tax filing guides and tools.

MARKETING & SALES TOOLS:

  • Canva www.canva.com – Free graphic design tools for logos and social media.

  • Google My Business www.google.com/business - Free profile to boost local SEO

  • Mailchimp - Email marketing and CRM for startups.

TECHNOLOGY & OPERATIONS:

  • QuickBooks www.guickbooks.intuit.com - Accounting software for invoicing and payroll.

  • Shopify - E-commerce platform to build online stores.

  • Trello/Asana - Project management tools for remote teams.

FREE TOOLS:

  • Google Workspace - Email and collaboration tools.

  • HubSpot Free CRM - Customer relationship management.

  • Bizee (formerly IncFile): Free LLC formation in some states.

Always check state/local government portals for additional grants, permits, or regional programs. For non-U.S. businesses, explore equivalents like Enterprise Nation (UK) or Business.gov.au (Australia).

Q: I have read there may be specific opportunities offered only to minority owned businesses. What qualifies as a minority owned business?

A: To be certified as a minority owned business a company must be at least 51% owned, managed and controlled by individuals who are considered a minority in the United States. According to the National Minority Supplier Development Council (NMSDC), these typically include Black or African American, Hispanic, Native American, Native Hawaiian or Pacific Islander individuals. For more resources visit the Minority Business Development Agency at www.mbda.gov.

Q: Does a woman owned business automatically qualify as minority owned?

A: No. These are two distinct categories and required different criteria for certification. The Women’s Business Enterprise National Council (WBENC www. wbenc.org) is the largest certifier of women owned businesses. You can find more resources at The National Association of Women Business Owners (NAWBO) at www.nawbo.org

Q: Is there any extra help available to veterans?

A: Yes, for more information on contracting opportunities and other support, check out the VA Office of Small & Disadvantaged Business Utilization at www.va.gov/osdbu