These are truly exciting time for those starting a business. The promise of being your boss is both very exciting and potentially financially rewarding. At the TSBDC, we often hear so many brilliant ideas fueled by passion and desire to participate in the economy as a business owner.
Nevertheless, even if you have a business plan, business planning isn’t enough. In order to successfully launch a business, funding is paramount.
In our October article titled, “10 alternative funding sources for small businesses and how TSBDC can help,” we suggested alternative funding sources to consider if you are trying to start a new business but lack access to funding. Due to overwhelming response, we are continuing to provide startup funding advice.
On Oct. 27, 2022, the TSBDC hosted a seminar at Southwest Tennessee Community College’s Maxine A. Smith Center, where Gary Moore from BrightBridge Capital, discussed the U.S. Small Business Administration (SBA) Community Advantage Loan.
The loan program is designed for new and existing businesses that need loans under $350,000. The loan can be used to finance a startup company or expand an existing small business or buy real estate.
Since 1981, BrightBridge Capital has been committed to achieving positive economic and community development outcomes by providing capital to business owners in Tennessee who are unable to obtain conventional funding needed to start or grow their businesses. Utilizing SBA’s Community Advantage and 504 loan programs, BrightBridge offers solutions that can assist its clients in the short and long term.
In addition to providing funding, BrightBridge Capital also helps businesses by referring them to the Tennessee Small Business Development Centers (SBDC) network for guidance on business plan writing and financial projections. For entrepreneurs in Shelby and Fayette counties, “the Memphis SBDC provides businesses seeking financing with assistance that is very beneficial,” said Bill Pollard, CEO of BrightBridge Capital. “We are glad to partner with executive director NaShawn Branch and his team of small business specialists at the Memphis SBDC to help meet the capital needs of startups and existing businesses.”
TSBDC, in partnership with BrightBridge Capital plans to host more startup financing seminars in 2023.
Entrepreneurs and business owners are invited to make an appointment to speak with a TSBDC professional adviser. Advisers meet with clients at Southwest Tennessee Community College’s Maxine A. Smith Center and the Business Diversity and Compliance Entrepreneurs Network Center at 480 Dr. Martin Luther King Jr. Ave., Memphis, Tennessee, 38126.
The TSBDC network, for more than 30 years, has helped small business owners, entrepreneurs and individuals with business ideas access the financial and technical resources to establish and grow businesses that compete in the global marketplace.
NaShawn Branch, D.BA., is the executive director of the Tennessee Small Business Development Center. Passionate about helping small business owners succeed, he has advised more than 500 small-to-medium-sized businesses, including 54 startups, and has raised more than $4.5 million in capital infusion over the past 10 years.
