Fund Your Dream
Self-Financing • Loans • Targeted Funding • Opportunities • Venture Capital • Grants
Tap into Targeted Funding Opportunities
If you are black, Hispanic, a female or a U.S. veteran, your business may be eligible for one of the following specialized funding programs:
Minorities The Black Business Loan Program provides loans, loan guarantees and/or investments through loan administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions. For additional information, visit www.floridajobs.org/BBLP. In addition, Black Business Investment Corporations throughout Florida stand ready to facilitate access to capital for black business owners. Hispanic business owners may find funding information pertinent to their needs through Prospera (formerly Hispanic Business Initiative Fund Florida) at www.prosperausa.org.
Women No government loan programs exist exclusively for women business owners; however, experience has shown that SBA loans are three to five times more likely to go to women than non-SBA loans. SBA financing options include 7(a) and CDC/504 loans as well as microloans for small-scale financing. On the local level, Women’s Business Centers can provide assistance in applying for loans and also may provide access to alternative capital financing programs.
Veterans The U.S. Department of Veterans Affairs Office of Small & Disadvantaged Business Utilization offers a wealth of information on small business financing specifically geared to veterans. Its Veteran Entrepreneur Portal provides easy access to federal services and best-practices information about starting, growing and funding a business. For more information, visit www.va.gov/osdbu/entrepreneur/. In addition, the SBA website features an entire section devoted to business resources for veteran entrepreneurs at www.sba.gov/content/veteran-service-disabled-veteran-owned.
Seek Venture Capital
Venture capital firms and private individual investors called “angels” may be willing to make money available for your venture if they see potential. In return, they will likely expect some level of control in your business and/or a percentage of future profits.
Venture capital firms are often controlled by banks, insurance companies and large corporations; angels, on the other hand, are generally wealthy individuals looking to support “hot” ideas and untapped investment opportunities. In either case, be prepared to present a business plan that is heavy on “wow.” These types of investors will take risks, but only if they truly believe in you and/or your product or service.
Venture capitalists traditionally deal in large sums of money and seek better-than-average returns on their investments; less than 1% of proposals for venture capital are ever actually funded. Individual angels will make smaller investments in business startups, and although looking for good returns, they may be less demanding.