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Northwest Regional Small Business Development Center
Frequently Asked Questions
The following are questions that our consultants and staff are often asked. If you have addional questions please use the form on the contact us page.
Question: I have heard a lot about grants that are for start up businesses/women started business/minorities?
Answer: Grants are extremely hard to get. The SBDC is funded by the SBA and the U.S. Small Business Administration does not offer grants to start or expand small businesses, though it does offer a wide variety of loan programs. While the SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments
Question: Where do I find information on grants?
Answer: The two website that the government lists grants are; www.recovery.gov and www.grants.gov. Please realize that there are many websites available on grants however these two are the only websites that the government supports.
Question: Where can I find more information on SBA loans (ARC loan, 7a, 504)?
Answer: Please visit the extensive information provided on the SBA website.
Question: Do I really need a business plan?
Answer: A business plan is a powerful document that will help a business owner plan out the details of their business. The business plan assists with both long and short term goals as well as gives the business owner (and lender) insight to the projections of the business.
Question: My business is struggling and I need a loan. What do I do next?
Answer: We are sorry that you are struggling. The next step is to organize your financials and contact the bank that you have your business with. Each lender approaches business loans differently. We advise that you contact your bank to find out what information the bank needs. Most banks will some or all of the following: equipment/supply list, balance sheet, previous years financials, previous years tax statements, profit and loss statements, cash flow projections, business plan, funding request, collateral if applicable, legal documents and what you plan to use the loan dollars for. Here is additional information on lending.
Question: How do banks decide to approve a loan?
Answer: There are many considerations that the bank will look into. One of the consideration could be the five C's of credit. You can read more about those here.
Question: I want to start a business where do I begin?
Answer: Please visit our workshop page and register to attend Growing America Through Entrepreneurship: Entrepreneur Essentials GATE II Orientation class.
