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Small Businesses Loan

Veteran

Paul Klikas Raleigh, NC

Are there small businesses loans or grants for veterans? I have completed all the legal steps to start a bakery in North Carolina, but require funds in order to move forward.

6 January 2021 4 replies Small Business

Answers

Advisor

Michael Horn Marietta, GA

Yes. I would contact VETtoCEO.org. They can help. They have reps in Wilmington and Asheville.

Advisor

Josalyn Scantlin Spokane, WA

The SBA 7a program can provide small business loans. I recommend finding a community bank or credit union that works with the SBA 7a program in your area.

Advisor

Jerry Welsh Middleville, MI

James,
Do you have a Chamber of Commerce in your city or in a larger city near you? These organizations typically have access to the SBA, and there are programs available via the SBA to assist in establishing a new business. Also some of the bigger Chambers have a SCORE program, and these are retired business owners who assist new business owners write a business plan for funding and many other pointers. Hope this helps.

Advisor

James Watters Norman, OK

Sergeant Major Klikas -

From “Smallbusiness.chronic.com”
The federal government does not provide grants to private individuals to start for-profit businesses.

Think about the “sources” of money for new businesses ... (1) Equity or the cash you or investors have to put in the business, (2) Loans or debt financing from lenders like banks, credit unions, etc. and (3) Grants or money from private organizations- usually nonprofit companies - that want to support various things. Check out the NC state economic development department for funding opportunities to new business. “For example, in North Carolina an express loan program provides low-interest loans of up to $5,000 to people wishing to start or expand a small business. Special emphasis is given to low-income, female and minority entrepreneurs or those living in one of the state’s 85 rural counties.”

An important consideration about business finance - there are two needs - Startup costs and Operating Expenses each month until the company’s revenues sustains the business.

Here are two references that have great information.
Webstaurantstore.com -8/7/2018
How to Start a Bakery -great article

Articles.bplans.com - How to start a bakery - The Ultimate Guide for Bakers

Good luck Sergeant Major.

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