Resources for Entrepreneurs

CHAPTER 6, LESSON 3

NAME DATE
Serena Benny Mathew 05/01/25

DIRECTIONS
Read the article below, then answer the following questions based on the information you just read.

Supporting Your Dream Nonfinancial Resources

Starting a new business can be incredibly Before we talk about funding options, let’s
complex and overwhelming. Even if you have discuss some resources that are readily avail-
a clear idea of what you want to do, you have able to help you start your business:
to take lots of steps before you can actually
EDUCATION
start serving people. Let’s be clear: It often
There’s a big difference between having a
costs quite a bit of money to get a new com-
good idea for a business and actually running
pany off the ground. So unless you’ve saved
your own business. Education can help you
a bunch of cash, you need to find funding.
fill any knowledge gaps you might have. You
And that isn’t easy.
might not have the time or money to get a
Because funding is a common problem for
business degree, but you can find an endless
most entrepreneurs, many organizations step
supply of educational videos, blogs, books,
in with a simple solution: business loans. But
and articles from other entrepreneurs. A quick
hear us loud and clear when we say business
Google or YouTube search can help you find
loans are not a good idea! You need to think
all the education you need to be successful.
of a business loan the same way you’d think
about a personal loan or a credit card. Don’t GOVERNMENT RESOURCES
do it! Personal debt and business debt are the We’ll talk later about how the government
same thing—debt. It’s best to start your new can help you financially, but the government
business without owing a bunch of money in also offers educational resources. The Small
debt or interest. Business Administration’s website has lots
Luckily, as an entrepreneur, you have of great resources for entrepreneurs. And
resources to help start your business. Some the IRS Small Business and Self-Employed
of these resources help with funding, while Tax Center can help you organize your taxes
others might simply be low-cost ways that the right way. The U.S. Patent and Trademark
help you organize your business. Office website is a great resource if you’re

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 Resources for Entrepreneurs
CHAPTER 6, LESSON 3

creating or patenting new products. These DONATIONS

resources are accessible at the federal, state, Sometimes a friend or family member
and local levels. might like your idea and donate money to
help you get it off the ground. Usually, this
APPLICATIONS AND PROGRAMS comes from someone with extra money
If you have a computer, you have access to to support you. But if someone offers you
lots of free (or inexpensive) tools for your money, be very clear that it’s a donation
business. You can find things like accounting and not a loan. If they want you to pay them
software, project management applications, back, we recommend you humbly decline
communication or productivity tools, and their offer.
design programs. It might take some time
to search for the program that works best for Governmental Financial
you, but chances are, the developers of these Resources
programs or apps are entrepreneurs too. So The government wants small businesses and
they’ve probably thought through some of start-ups to thrive because they’re a big part
the same problems you’re thinking through. of the economy. Small businesses provide
millions of jobs and add billions of dollars
Nongovernmental to the gross domestic product of the U.S.
Financial Resources Because of this, the government might give
Now let’s focus on financial resources. As you money in the form of grants.
you start looking for funding options, you’re A grant is a financial gift that’s awarded
going to find tons of opportunities for loans. to someone (an individual or a business) that
Instead of loans, take a look at these options doesn’t need to be paid back. Grants can
that can get you started: sometimes be hard to find and usually have
specific application requirements. But if you
CROWDFUNDING have a grant awarded to you, it’s money that
This has become a popular choice over the you can use to fund your business. Federal,
last couple of years. Crowdfunding allows state, and local governments all provide
people to contribute money to fund your business grants.
endeavor. It’s a great opportunity because it
allows people to hear about your vision and FEDERAL
support it with their dollars. You usually have GRANTS.GOV
to promise something to those who donate, This is a collection of thousands of grant op-
but crowdfunding allows you to gauge the portunities that are filtered and organized by
interest for your idea and build your customer their business industry, eligibility requirements,
base while raising funds. and application process.

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 Resources for Entrepreneurs
CHAPTER 6, LESSON 3

SBA.GOV SCORE.ORG
The Small Business Administration is a one- The Service Corps of Retired Executives
stop shop for information on federal funding. (SCORE) is a nonprofit organization that
It gives you the option to plan your business, partners with the SBA to offer mentorship
and it helps you find local assistance and even and funding opportunities for new business
specific grants. (They also do offer loans on owners. While SCORE doesn’t directly offer
this site, so be careful!) funding, it works with business owners to
SBIR.GOV find funding on the state level.
Though this site specializes in technology STATE TRADE EXPANSION PROGRAM (STEP)
and science ventures, the Small Business This is a specific grant created by the SBA
Innovation Research (SBIR) and Small Business that helps businesses expand from a state
Technology Transfer (STTR) programs allow level to a national and global level. STEP is
you access to many grant options that are designed to assist in learning about exports,
specialized to meet technologically innova- and it works closely with federal agencies to
tive needs. Technology moves the economy promote expansion.
forward in big ways, so it’s no wonder the
government offers tech grants. LOCAL
Many of the state-level assistance programs
STATE can be utilized to find local opportunities
SBA.GOV as well. For example, searching the SBA for
Yes, we listed the SBA among the federal op- your zip code will give you resources for the
tions, but the SBA also has a powerful search state level but also provide you with local,
tool that allows you to find organizations that city-based opportunities as well. Or you
offer funding on a state and local level. Once could search the Chamber of Commerce at
you type in your zip code, you’ll be given a list the local level to find opportunities specific
of all the opportunities available in your area. to your area. It’s a good idea to begin your
EDA.GOV search broad and then narrow it down to
The Economic Development Administration grant opportunities in your local community.
(EDA) provides grants, resources, and tech- You can start your business by utilizing
nical assistance to business owners in all 50 grants—without having to go into debt to
states. Its goal is to establish sustainable do it. Never believe the lie that taking out
job growth in regional economies through- a loan is the only way to get your business
out the U.S. Some of the EDA’s options are off the ground. Use patience and a little
broad-reaching, while others are for more extra time, and you’ll discover incredible
specialized fields. It’s worth the time to see options to help make your business dream
what’s available for your state. a reality.

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 Resources for Entrepreneurs
CHAPTER 6, LESSON 3

DIRECTIONS
As a group, decide on a business you want to start. Then, using the Internet and the resources you just read
about, conduct some research on possible grants or other resources that you could use on the federal, state,
and local levels. Answer the questions together as you conduct your research.

1. What kind of business do you want to start?

Financial Gain

2. What’s the name of your business?

Lift and go

3. Research and list some grants or resources at the federal level. (If possible, list two
or more and where you found them.)
Federal Supplemental Educational opportunity granrs

4. What requirements need to be met to use the resources or get funding?

The company would need to be a success in order for you to expand it.

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 Resources for Entrepreneurs
CHAPTER 6, LESSON 3

5. Was it difficult to find resources or funding at the federal level for your business? Why or
why not?
The availability of resources or funding depends on the weekly quantity, value, and condition of the
products received.

6. Research and list some grants or resources at the state level. (If possible, list two
or more and where you found them.)
Formula grants

7. What requirements need to be met to use the resources or get funding?

No major damage or missing parts.

8. Was it difficult to find resources or funding at the state level for your business? Why or
why not?
No because I live in Texas and it is a big state

9. Research and list some grants or resources at the local level and where you found them.
Annual publication of assistance listings

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 Resources for Entrepreneurs
CHAPTER 6, LESSON 3

10. What requirements need to be met to use the resources or get funding?
To access resources or secure funding, several requirements often need to be met that include
demonstrating business viability, repayment ability, and having a clear understanding of the risk
involved. Additionally, you'll likely need a strong business plan, including financial projections, and
may need to provide financial statements and other relevant documentation.

11. Was it difficult to find resources or funding at the local level for your business? Why or
why not?
Yes because a lot of people want to sell their equipment

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