Anyone who owns or is contemplating beginning their own business understands it can be a difficult process. Besides the initial problem of deciding what product to sell or service to offer, there are the logistical issues of determining how you will go about making your plans a reality. Even if budding entrepreneurs have a well-established business plan, figuring out how to finance the process of starting a business or find investors can be one of the most complicated problems an individual can face.
The New Orleans Small Business Assistance Fund hopes to provide entrepreneurs with the funding necessary to finance a new business or to expand upon an existing one. Partially funded by the City of New Orleans Economic Development Fund, a government program which invests in a variety of community development projects, this particular small business fund seeks to promote growth by providing loans to businesses which need to buy equipment or build new infrastructure.
The size of the loans can vary from approximately $10,000 to $100,000, and applicants need to meet a series of requirements before being eligible to apply. These requirements include financial stability, being residents of the New Orleans area and showing previous difficulty in receiving loans from other institutions.
Opportunities such as these exist for new or existing small businesses who need help to start or expand, and can be of serious benefit to those who take the energy to seek them out. Though raising capital to start a business is a vital step in the process, there are a number of other concerns that must be addressed before a business can operate successfully.
New business owners must determine what kind of legal entity would best suit their needs and business model. Each type of entity has unique features that deserve consideration, and someone new to business would likely benefit from know all available options.
Source: The Times-Picayune, “Small business loan fund is accepting applications from New Orleans residents,” Richard Thompson, Oct. 4, 2012