Understand Your Finances and Grow Your Business

By Mark Madrid, SBA

Understanding your finances is key to small business success. With small businesses across America still recovering from the impacts of the pandemic, financial literacy is more important now than ever.

Financial Literacy Month was first established in 2004 to encourage Americans to learn about finance best practices and to boost their financial well-being. It can also serve as a reminder to take stock of your overall financial outlook and set finance-related goals – whether that’s to obtain a loan, increase your revenue, or learn more about business taxes. Chances are, there’s an SBA resource that can help you take the next steps toward achieving your goal.

To highlight three immediate educational resources to tap into, please consider the following:

A local business advisor –

SBA resource partners can also help you get a clearer picture of your finances. One topic many small business owners work with resource partners on is preparing to apply for a small business loan. Resource partners can help you review your business plan, organize tax return documents and bank statements, and complete other important tasks before your loan application is sent to your lender.

Free online classes –

For training on any small business topic, the SBA’s Learning Center and new Ascent platform provide readily available expert insights. An essential course for early-stage businesses is the Financing Your Business course. This course outlines various funding options, including loans, grants, venture capital, and crowdfunding, and concludes with a downloadable worksheet to help you assess your own financial needs.

Financial advice for every area of life –

SBA is a proud member of the Financial Literacy and Education Commission, and fully supports the well-being of all individuals and small business employers. While special projects like Money Smart for Small Business (MSSB) (a joint curriculum of SBA and FDIC) provides an introduction to topics related to starting and managing a business, the FLEC-sponsored website MyMoney.gov is full of financial literacy resources for students, retirees, and more.

SBA-Guaranteed Loans and Lender Match

SBA-guaranteed loans are often an ideal funding option for small business owners who are creditworthy but don’t qualify for conventional financing. SBA works with participating lenders to reduce their risk, increasing the likelihood your loan will be approved with the terms that work best for you.

If you decide SBA-guaranteed loans are a good fit for your business, SBA makes it easy for you to connect with lenders via our Lender Match tool. Lender Match is SBA’s free online referral program that connects small businesses with more than 800 participating SBA-approved lenders.

To get started, just answer a few questions about your business. Then, you’ll receive an email with contact information from lenders who have expressed interest in your loan. From there, you’ll be able to compare rates, terms, fees, and more. Visit this page to get started.

Community Navigators being launched soon!

In the immediate future, we are expanding our reach through an even more expansive network of business coaches, called “Community Navigators.” Navigators will accelerate information, education, training, and mentoring for small businesses in rural, underserved, and tribal communities. Please stay up-to-date by visiting sba.gov/navigators.

Whatever your financial goals for your business, SBA is here to help you get to your next step with personalized guidance and tested tools and resources. Learn more at sba.gov.