Starting a business is thrilling—until you realize you need money to make it happen. Suddenly, banks are side-eyeing your credit score, asking for collateral you don’t have, and acting like you’re asking for a million bucks instead of a reasonable startup loan.

But don’t let rejection kill your dream. There are plenty of ways to get the cash you need, even if the banks say no. The good news is that there are a ton of options that aren’t bank-related. From microloans to crowdfunding to getting your customers to pay you before you even deliver, there’s a solution for almost every entrepreneur. Let’s dive into a few ways you can get your business off the ground without losing sleep (or your sanity).

Think Beyond Banks: Smarter Ways to Fund Your Startup

If banks aren’t giving you the time of day, that’s fine. There are other ways to get funding—ways that don’t involve sitting through another rejection meeting where someone in a suit tells you, “Come back when you have more assets.”

Microloans are a great option if you need less than $50,000. The SBA Microloan Program is a solid place to start, offering loans with flexible terms. If you’d rather keep interest rates at zero (because, who wouldn’t?), check out Kiva, a peer-to-peer lending platform that offers no-interest loans through crowdfunding. Accion Opportunity Fund is another lender that helps entrepreneurs with less-than-stellar credit.

If you’re looking for even more flexibility, Community Development Financial Institutions (CDFIs) exist to help small businesses that banks ignore. They specialize in working with entrepreneurs from underserved communities, offering loans with more forgiving credit requirements. Here’s a list of CDFI’s in Kentucky.

Not into borrowing? Consider...

🚐🐾 Big News for Pet Owners in Louisville! 🐶🐱

Say hello to All-Star Mobile Vet, bringing top-notch veterinary care right to your doorstep! 🏡 No more stressful trips to the clinic—just compassionate, expert care in the comfort of your home.

💙 Whether it’s a routine check-up, vaccinations, or urgent care, owner Eileen Kennedy has your furry friends covered. Watch this incredible success story unfold and see how they make pet care easy and stress-free!

📲 Book your visit today! https://allstarmobilevet.com/

As spring arrives, many businesses will notice an uptick in sales, which is always a welcomed change after the winter months! As the increase in sales happens, you may want to investigate your overall operations and make some time for a business refresh. The goal is to keep your business running as efficiently as possible so you can make the most of the revenue that is coming in the door. Below, you will find 3 tips on giving your business a Spring Refresh:

1)     Schedule annual or bi-annual reviews with your staff. There is no better way to keep employees engaged and motivated than showing your appreciation with constructive feedback on their performance. Strong communication within a business and creating a positive company culture are some of the top ways to ensure you have a successful, long-lasting business. Making this a consistent practice within your business also helps employees know that their work matters, is valued, and makes a difference overall.

2)     Examine your inventory ordering systems and habits. What could you tweak in these systems to help ease cash flow in your business? Ask yourself if you are over ordering or if you need to boost orders to adjust to the current season. This could also be a good time to check in to where you are sourcing your products, make sure you are purchasing from vendors that align with your values, your expenses, and your operating system. There also may be items holding space that need to be moved to make way for new products. Try to get creative with the products you have in order to waste as little as possible. If inventory management is something you would like to learn more about, check out this article Inventory Control Defined: Best Practices.

3)     How frequently are you taking time to review your financial statements? I would bet not enough! It is still early enough in the year that you can establish these practices now and set yourself up for a fantastic year ahead. This looks like keeping track of expenditures each month, tracking them in a program such as QuickBooks, Wave, or other alternatives (check some options out here). You also need to review your monthly operating costs, check in to subscriptions you may or may not need that you are currently paying for. Assess your labor costs, see if there is a need to restructure staffing or any key roles within the company. Remember, just because you have “always done it that way” doesn’t mean you have to stick to it if it isn’t serving your business currently.

These are the types of topics and questions we can work on with you during coaching sessions at the SBDC. If you have further questions, want to know how to make these changes or establish new practices in your business feel free to sign up for a coaching session with me here.  

The IRS continues to expand its online capabilities with the Business Tax Account tool, giving many eligible business taxpayers a quicker and easier way to access tax information online and meet their tax obligations.

Sole proprietors, individual partners of partnerships, individual shareholders of S corporations, and C corporations should check if they’re eligible to use Business Tax Account.  

Features and tools of BTA

Features and access depend on the business structure and the individual’s role in the business. Business taxpayers can make electronic payments, set up a future payment, or cancel a scheduled payment. They can also access:

• *Balance due
• *Payment history
• *Authorization requests from a lender submitted through Income Verification Express Service
• *Transcripts for the business’s tax return, tax account, record of return, and entity
• *Digital copies of select IRS notices
• *Business name and address on file
• *Tax compliance report or a tax certificate for award use

For more on the most recent updates on BTA, check out the December 2024 Fact Sheet on Business Tax Account.

Kentucky SBDC in Louisville

kentuckysbdc.com/louisville

The Kentucky Small Business Development Center is a network of 11 offices throughout the Commonwealth that help existing and start-up businesses succeed by offering high-quality, in-depth, hands-on services. These services include no-cost confidential business consultations, affordable business workshops, seminars, and research to help business owners make informed business decisions. For more information or to locate a consultant near you, visit kentuckysbdc.com

Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the views of SBA. Disability accommodations should be requested by contacting the Louisville SBDC at sbdcinfo@uky.edu or 502-977-5800