Finance Your Business

A concern of many small business owners is the ability to obtain the money they need to start or grow that business.  Some of this funding comes from business owners themselves, but often external financing is needed, as well.  BOI is here to help you understand your options, get you on the right path, and walk you through the process.  We can help you to:

  1. Identify how much financing you need and what your options are
  2. Get your personal finances in order and develop strategies to improve your credit score to be more attractive to lenders
  3. Complete the business plan you will need in order to be able to receive financing
  4. Apply for small business loans through the SBA’s loan programs or our own microloan program
  5. Connect you with other lenders that may be able to help you.

Please note the BOI does not offer any grant money to help start small businesses, but we are happy to help you explore other options and to consider you for our small business loan programs.

Loan Programs for Small Businesses

SBA Loan Guarantee Programs

The Small Business Administration (SBA) offers a range of loan guarantee programs to help small business owners receive the financing they need from private banks and other institutions.  SBA guaranteed loans allow for increased ability to access capital, and feature, longer terms, no balloon payments, competitive interest rates, simple applications and quick approvals.  As an approved technical assistance provider for the SBA’s Community Express loans, BOI can work with you to submit an application to one of our financial partners, or, if you have needs for larger amounts of capital, we’d be happy to connect you with other local lender institutions. 

Micro-Loan Fund Program

This new alternative lending resource is dedicated to providing credit to individuals that need small amounts of capital to help them start or grow a small business, with fewer restrictions than traditional sources of financing.  Microloans are small loans ($1000-$4000) to use in purchasing equipment, supplies, or inventory, or to cover other business expenses necessary to generate revenue.  BOI provides technical assistance including, but not limited to, pre-application counseling and training, application technical assistance, and business counseling to help clients build assets in accord with the Loan Review Committee recommendations.

Preparing Yourself to Seek Financing

Get Smart with Your Money

BOI offers a series of “hands on” classes that cover budgeting, changing bad money habits, setting financial goals, understanding credit history and improving credit scores.  These will help you assess your readiness, set your goals, and plan your path towards financial stability and possible eligibility for a loan.  In addition, our business counselors will work with you to help personalize and apply the classroom knowledge to your own circumstances. Please visit the workshops section of our website for a detailed overview of these classes.

Writing a Solid Business Plan

Since the business plan is a critical part of the loan application process, BOI is here to help you cover every detail of the process.  We offer two levels of Business Planning series classes to help you write a comprehensive, detailed plan for your business.  Our counselors will also work with you to review that plan and ensure you are prepared to present yourself in the most favorable light to any financing sources you are seeking.