Credible Solutions | Small biz resources more important today than ever
It has been more than 60 years since the nation's economy has experienced the kind of challenges we are faced with today. Our efforts to help the small business community navigate these choppy waters have never been more timely and important.
To help small business owners find the information they are looking for, the Commonwealth of Massachusetts has partnered with the U.S. Small Business Administration (SBA) to provide free counseling about ways they can survive and even grow in the current economic environment. SBA employees listen to callers’ concerns and respond directly or refer calls to professional business counselors at the Massachusetts Small Business Development Centers, Center for Women and Enterprise or SCORE (Service Corps of Retired Executives), who volunteer to help entrepreneurs start, build and sustain their businesses.
Funding Opportunities
Even in these challenging times, entrepreneurship is still a viable option for many people. Starting your own business can be an effective antidote to the difficult job market. Support for start-ups is provided by a statewide network of small business technical assistance providers.
Through the Massachusetts Office of Small Business and Entrepreneurship, the Patrick administration has provided $1 million in this current fiscal year to 25, community-based nonprofit organizations that offer a wide array of resources, seminars and counseling to aspiring entrepreneurs and existing business owners. Several of these organizations also offer micro loans for small businesses, including start-ups.
Whether you are starting a new business or trying to sustain an existing business, accessing credit can be another key challenge. The world of financing can be intimidating to those seeking credit, particularly if the business owner or entrepreneur is not properly prepared. Not having the proper paper, such as cash flow projections, tax returns or a business plan can be a negative signal to the lender. Once again, community-based, small-business advisors are available to help you prepare before sitting down with a lender.
Based on the calls received by the Massachusetts Office of Small Business and Entrepreneurship, even well-established businesses are struggling with a lack of working capital and/or reduced operating cash flow. During an economic downturn, banks might have a hard time accommodating a business’ credit needs, particularly if that business has slow paying customers. Taking on additional debt during a down economy may not be right for your business; therefore careful consideration should be given to all your options.
Recognizing that small businesses truly are job generators, many Massachusetts businesses may get some relief and benefit from the federal stimulus dollars.
While these are challenging times for businesses of every size across the United States, Massachusetts has been a proactive leader in innovation and entrepreneurship since the 1600s. With confidence and knowledge of available resources, we will not only survive, but many of our small and medium-sized businesses will be leading the nation onto the road of recovery.
Andre M. Porter is the executive director of the Office of Small Business and Entrepreneurship. He can be reached at andre.porter@state.ma.us.
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