Small Business Resources With a Growth Mindset
A small business is an independent business with fewer than 500 employees. According to the Small Business Administration, there are more than 30 million small businesses in the U.S. Each year, Small Business Week focuses on helping recognize the critical contributions of America’s entrepreneurs and small business owners.
In recent years, entrepreneurship has become more competitive. Aspiring small business owners consistently rank financing as of the top resources they are lacking. Outside of funding their dreams through personal funds or funds from family and friends, entrepreneurs have relied on banks to provide financing.
At Republic Bank, we understand the vital role that small businesses play in local economies. Small businesses make up 99 percent of all U.S. businesses, drive job growth and strengthen communities. That’s why we’re proud to be ranked as one of the top three SBA lenders in the tri-state area, five years running. As large banks reduce small business lending, it dampens growth and discourages entrepreneurship. This creates a significant gap that we are happy to fill. Our top-notch lending team remains steadfast in their unique approach to doing business – delivering funding locally, creatively and quickly. Do you have an idea for a business, but need a loan to make it a reality? Our knowledgeable loan officers will review choices with you and help you determine the best fit for your business. We offer unmatched personal service and our customers know that they will never be treated as just another number on a balance sheet. We pride ourselves on not just being a lender and financial partner, but a valuable resource and trusted advisor for our customers.
There are countless numbers of resources for small businesses on both the federal and local level including SBA loans, grants and more.
An SBA loan is a small business loan that is partially guaranteed by the government (the Small Business Administration), which eliminates some of the risk for the financial institution issuing the loan. SBA loans can range in size anywhere from $500 to $5.5 million and can offer APRs as low as 6.5 percent. Additionally, repayment terms for SBA loans can range from five to 25 years, but 10 years is a standard SBA loan repayment term length. With some of the highest loan amounts, the longest repayment terms, and the lowest APRs available to small businesses, SBA loans are the undisputed champion of small business loans. Our lending team at Republic Bank can help you determine if an SBA loan is right for your business. We want to see you and your business grow and succeed.
Grants are available at the federal, state and city level. One of the most popular grants is a Small Business Innovation Research (SBIR) Grant. The SBIR program is highly competitive and encourages domestic small businesses to engage in research that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization.
The initial award can amount to $1.3–$1.8 million, with a potential for $2.2 million more (up to $4 million total) over an additional four years of undiluted capital. This grant, along with many others, are often overlooked because entrepreneurs do not understand how to apply or what the benefits are. It’s critical that you work with a trusted partner to help you navigate the process.
Building a business requires financing, but it also requires a strong team. At Republic Bank, we focus on being a support system for you. We’ll help you understand the financing options and ensure that you have all of the details you need to make informed decisions.
1776 is a fantastic organization that can connect you with mentors. They also offer classes to expand your knowledge. The NJEDA (New Jersey Economic Development Association) hosts events like Founders’ and Funders happening on May 9 week at 1776 Cherry Hill Mall. At Founders’ and Funders, entrepreneurs are able to network with other entrepreneurs as well as investors.
Small businesses create more than 66 percent of new jobs in the U.S. At Republic Bank, we believe it is our duty to help small businesses not only get off the ground but continue to expand. When you are looking for the right partner to help you grow your business and be that trusted, strategic partner, we hope you consider us as an option. Our top-ranked team is incredibly knowledgeable, and we prioritize forming personal relationships with our customers, providing them with the personalized service they deserve.