industry expert : business
Leveraging Funding Opportunities for Entrepreneurs
Christy Kribbs
Small businesses are the economic lifeblood of most communities . The success of the River Region economy , in large part , depends on the success of individual business owners who provide valuable products , services — and jobs — throughout the area .
But small-business success is never guaranteed . The market ’ s always evolving , and long-term funding , planning , and succeeding can be challenging . Still , there are resources to help — and they ’ re right around the corner .
At Regions , our bankers are committed to providing guidance , insights and tailored financial solutions to help people start or expand a small business . A visit to any Regions Bank location is a good way to begin . Through our Regions Greenprint ®, a Regions banker can help build a plan to meet business ownership goals . A Regions Greenprint is free and available to anyone , regardless of whether they are a Regions customer or bank elsewhere .
Starting a traditional small business like an e-commerce store , restaurant , yoga studio or solo professional services firm , raising money can be more straightforward than you may think .
Contact :
CONSIDER THESE OPTIONS :
• Bootstrapping . This means starting the business on a shoestring and funding growth through sales . The key to succeeding with this approach is charging enough . A good rule of thumb for a professional service is to add 30 % to a fee to cover operating costs . Otherwise , the limited profit may not be able to invest in business growth .
• Grants . Since the pandemic , more organizations have been offering these allowances — which don ’ t have to be paid back — to small businesses from underrepresented groups , like women and people of color . Some grants support business owners in specific industries or expertise areas . There are several websites available to help small-business owners find the right funding options for them .
• Credit card financing . Pay down credit cards during the months leading up to launching the business , so there is room for business purchases . Don ’ t start a business with significant debt because there will be business needs . Reducing any outstanding balances can also boost a credit score which , in turn , helps to qualify for low-interest cards or zero-percent teaser offers to help finance business purchases . Be aware that the cardholder agreements for both personal and business cards almost always include a personal guarantee , meaning the money is still owed even if the business closes .
The Small Business Administration has several programs designed to help small-business owners in the marketplace as well . Regions has long been a preferred SBA lender and directly supports programs designed to help with working capital , business expansion , equipment purchases or debt refinance . Additionally , if exporting is a priority for business owners , the SBA and Ex-Im Bank provide global trade resources . These government programs can be an important lifeline for small businesses to succeed in the domestic and global marketplace .
Regions Bank is committed to the strength and vitality of small businesses . To learn more , visit any Regions Bank River Region location and speak with a banker who can help . Or , visit www . regions . com to schedule a Greenprint conversation .
Christy Kribbs / 334.387.3420 / Christina . Kribbs @ regions . com
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Christy Kribbs is the Branch Manager at the Regions Bank Millbrook Branch .
Regions Bank , member FDIC , Equal Housing Lender . This information is general education or marketing in nature and is not intended to be accounting , legal , tax , investment or financial advice . Although Regions believes this information to be accurate as of the date written , it cannot ensure that it will remain up to date . Statements of individuals are their own — not Regions ’. Consult an appropriate professional concerning your specific situation and irs . gov for current tax rules . Investing in securities involves risk , including the risk of loss . This information should not be construed as a recommendation or suggestion as to the advisability of acquiring , holding or disposing of a particular investment , nor should it be construed as a suggestion or indication that the particular investment or investment course of action described here -in is appropriate for any specific investor . In providing this communication , Regions is not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity . References to a company or security or links to third-party website do not imply endorsement or recommendation . Investment Products are not FDIC insured , are not a deposit , may go down in value , are not bank guaranteed , are not insured by any government agency and are not a condition of any banking activity .
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