Typically the Growth Capital blog highlights programs and topics that we feel small business owners should consider utilizing for their own growth and development. But this month we want to take a higher-level look at development initiatives happening across the state. Ohio is rich with opportunities for community development, but accessing the necessary funds to fuel these initiatives can often feel challenging. Luckily, with the right knowledge and resources, communities can tap into various funding programs to drive economic growth, foster revitalization, and enhance the quality of life for ..read more

In recent years, the concept of sustainability has shifted from a trend to a necessity—especially for small businesses. Not only does enhancing sustainable practices help the environment, but it can also lead to increased profitability and customer loyalty. However, integrating sustainability into small business operations can be challenging. So, let’s explore how small businesses can harness the power of sustainability by identifying and overcoming some basic sustainability-integration challenges! Why Sustainability in Small Businesses Matters Sustainability in small businesses goes beyond re ..read more

In last month’s Growth Capital blog, we walked you through some common mistakes small business owners make and how they can be planned for and avoided. Realizing that many people may still be in the dreaming and planning stages of small business ownership, we thought it prudent to also take a look at common mistakes people make when launching their new small business venture.  The Reality of Starting a Small Business We won’t mince words here—starting a small business is challenging. Whether you’ve done it before and are just pursuing another, new avenue or you’re entering the business wo ..read more

When it comes to successful small business ownership there are several things you have to remember to do on any given day—your to-do list is probably never-ending. Just as important as knowing what needs to get done is knowing what common mistakes you should NOT be making. Now, we’re not here to tell you that there is one, perfect, “right” way to run a business. We know that every industry, every small business, and every small business owner is different—and we respect and value what all those differences bring to the small business world! We ALSO know that there are some common, easily avoid ..read more

Earlier this year we shared exciting information about the U.S. Small Business Administration’s (SBA) growing partnership with the U.S. Department of Agriculture (USDA) in the support of rural small business development. Well, their support of increasing the economic power of rural communities does not end there. The SBA recognizes that rural areas have not been appropriately supported in a way that shines a spotlight on their importance to the American economic landscape or promotes economic advancement. There are several other resources and forms of support the SBA offers—and the more inform ..read more

In recent years, business researchers and analysts have taken a retrospective look at how far the U.S. economy has come since the The Great Recession of 2007-2009, and they have mostly shared the good news of steady economic growth since that time period. This unfortunately has not been the experience of many rural communities in America. Many rural communities still struggle with economic growth and unemployment, which weakens the country’s overall economic health. The answer is clear—we have to help our rural small business brothers and sisters! Luckily, the U.S. Small Business Administratio ..read more

The U.S. Small Business Administration (SBA) is constantly at work creating, administering, and reviewing the programs and services available to small business owners. All of that effort is for nothing if small business owners—current and prospective—do not receive information about the work being done. Luckily, the SBA created the SBA Newsroom—a one-stop shop for critical information and news related to small businesses. Knowledge is Power We believe that being in-the-know about programs, services, and issues impacting small businesses is critical to being a successful small business owner. T ..read more

If there’s one thing everyone knows about forging the path toward starting a business it’s that it costs money—and usually not a small amount. What many first-time entrepreneurs might not know is that there is more than one way to fund their new business venture. It’s important for new business owners to have a solid business plan in place so that they can determine the best financing option(s) and partner(s) as they embark on this new journey. With a business plan in hand, the next critical step is understanding the types of financing help available and how to obtain them!  Small Busines ..read more

Last month the U.S. Small Business Administration (SBA) released fiscal data for 2022 that showed that the federal government spent $162.9 billion contract dollars with small businesses in the United States. While that is a staggering amount of money—and more than ever before—the overall percentage of dollars that went to small businesses actually declined by almost half a percent. The reason is simple—not enough small businesses are taking advantage of federal contracting options. As we move into the latter half of 2023, let’s change that! Small Businesses & Federal Contract Dollars by th ..read more

One of the challenges of small business ownership is market competition—this is no secret. Many small business owners confront this challenge by expanding the services they offer, releasing new products, or developing incentive programs to attract new customers. These are all GREAT ways to grow your business, but there is one more strategy that is often overlooked—government contracting. In 2022, $158.7 billion dollars was awarded in small business contracts—this was almost 25% of all government contract spending! With this much funding available to small businesses, it pays to explore your sm ..read more