Free Resources for Small Business Owners

Startups and existing business owners can greatly benefit from the services offered by the SBA, which started in 1953 as an independent agency of the federal government to help small businesses succeed. Today, their website offers a wealth of resources for small business owners, including online learning center courses, business guide planning center, and their funding programs.

Although the SBA doesn’t directly lend to businesses, they create guidelines that allow entrepreneurs to access funding by guaranteeing the loans in case of default, which reduces the risk to many local SBA lenders, like Paducah Bank. SBA loans also have lower down payment requirements and flexible overhead requirements, and help business owners prepare their loan packages to increase the success rate.

• Learn more about our SBA Loan options.
• Learn more about free one-on-one business coaching with the Kentucky SBDC

Over the last 50 years, SCORE has served small businesses around the country by providing free business mentoring and education. SCORE is a non-profit partner of the Small Business Administration and has helped over 10 million business owners launch, manage and grow their company. They also offer courses on demand, workshops, webinars, and a helpful library of resources for entrepreneurs.

• Find your local SCORE chapter and request a mentor

Another partner of the SBA, the Small Business Development Centers, offers small businesses free consulting and low-cost training. With more than three decades of experience helping more than one million companies across the country, SBDC offers small businesses support in the following areas:

• Business plan development
• Lending and financing assistance
• Exporting, importing and manufacturing support
• Market research
• Healthcare advice
• Disaster recovery help

Over the last couple of decades, women-owned businesses grew 54%, but only received 5% of the country’s equity capital. To help level the playing field for female entrepreneurs, the SBA partnered with the Women’s Business Centers, which helps more women succeed in starting or running their company.

• Find a local Women’s Business Center.

Veterans, military spouses, National Guard and Reserve members and spouses can get support via the Veteran's Business Outreach Centers to start, buy or grow a business. A variety of programs are offered for businesses, including Boots to Business, pre-business plan workshops, mentors and training, support on assessing the feasibility of a business idea and more. The Department of Veterans Affairs (VA) also offers a variety of resources to help veterans buy, start or grow a business.

• Learn how to get listed as a veteran in the federal procurement system

Several resources are available for minorities looking to start or grow their company. The Minority Business Development Agency works to connect minority business owners with contracts and financing, while advocating within the government to promote issues central to minority entrepreneurs. They have a variety of programs including grant competitions, a research library, and local business centers.

The SBA offers the 8(a) Business Development Program to help disadvantaged minorities qualify for government contracts and compete in the marketplace. They also assist minority owners with registering their business with non-government companies and certification agencies.

Managing your own small business can be rewarding and challenging. If you want to start your own business or you’ve already launched, free resources can help. Of course, the business bankers at Paducah Bank can also be a source of guidance to help you access funding and point you in the right direction on a variety of related topics. Contact us today to speak with a local business banking expert.