How to Bootstrap Your Business With Help From the SBA.

So you got a great idea for a new business and you've taken the time and made the effort to research your idea. You’ve identified your potential customers and then you actually talked to those potential customers and they said they need and they would pay for what you intend to sell.

Now you’re seriously thinking about starting this business. You have limited resources, but you really want to bootstrap this business so that you maintain ownership and control.

Bootstrapping is a hard path to go down with limited resources. It’s going to take longer and you're going to have to work even harder to get this business launched and successful.

But as a lifelong small business entrepreneur I totally understand this. It is important to maintain ownership and control of your new business. And, if you're able to build a successful business doing it all on your own, it provides tremendous personal satisfaction and feelings of accomplishment.

And just because you want to do this on your own it does not mean that you can’t get help. You actually want to find and take advantage of all the free or low cost help you can find.

If you're in this position and you really are committed to bootstrapping your business, then I would urge you to take advantage of the resources, training and even funding that you can get through SBA sponsored organizations. All free or at a very low cost.

There are four core organizations that are funded and supported by the SBA.

The first one on the list is the Small Business Development Centers that are located across the country. There are close to 1,000 Sbdc offices. Your local SBDC provides expert help with market research, business planning, business legal structures and licensing, government contracting and access to funding.

In addition to the Small Business Development Centers, there are 136 Women’s Business Centers that provide assistance with programs specifically designed for women entrepreneurs that provide business training, counseling, access to federal contracting opportunities, and access to capital.

And, if you’re a veteran of the armed forces, you can get support tailored specifically for veterans through Veterans Business Outreach Centers that offer resources to veterans, service members, and military spouses. VBOCs provide entrepreneurial development services such as business training, counseling, and resource partner referrals4. VBOCs also conduct workshops and classes on topics such as transition assistance, feasibility analysis, business plan preparation, and mentorship.

And the fourth SBA supported organization that can provide valuable help is SCORE. SCORE provides expert, one-on-one mentorship for your startup journey along with workshops, legal guidance and networking opportunities. For more information on all of these programs, go to SBA.gov. There you’ll be able to search and locate the centers and resources in your area.

Now, let’s also talk about how you may be able to access an initial SBA-backed microloan to get your business off the ground. SBA-backed microloans provide loans up to $50,000 dollars for those who may not qualify for conventional loans or any other source of financing. SBA Microloans are provided through designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance.

As with any funding opportunity, you will still need to submit a business plan, financial statements, and other documents to demonstrate your ability and readiness to repay the loan. The good thing is the community organization will help you develop your business plan, organize your financial statements and gather everything needed for your loan application.

SBA microloans are targeted and intended to support underserved markets and those with limited finances and business training. These loans can have low interest rates, flexible repayment plans and can be available to those with limited credit history. Again, go to SBA.gov to find more information on microloans and locate a community organization providing microloans in your area.