NEWARK — Close to 200 small business owners gathered at the spring Small Business Grants and Loans Fair on Monday to learn more about funding and financing resources in the First State.
Hosted by the Delaware Small Business Development Center (SBDC) and Delaware Business Times, the annual grant fair drew 195 people at the Audion at the University of Delaware STAR campus with business ventures of all sizes and ages.
“The Small Business Grants and Loans Fair offers valuable education and networking opportunities with grant organizations and lenders,” SBDC Business Advisor Apryl King said. “The Small Business Development Center is proud to provide this resource to small businesses, recognizing that access to funding remains one of their most significant challenges for our clients.”
The SBDC welcomed partner organizations ranging from traditional financial institutions like WSFS and Delaware One Federal Credit Union, to Community Development Financial Institutions (CDFIs) like Grow America. State organizations like the Delaware State Housing Administration and the Division of Small Business were also on hand to showcase unique grant opportunities as well as other resources.
King said that many of the exhibitors were long-standing partners of the SBDC, while others were known to offer grants or loans that small businesses would find favorable.
“A couple of the regional banks do offer small business loans that can range between a couple of thousand dollars to millions. We have worked with businesses as small as one person, and a couple thousand dollars in a small loan or grant can make a big difference at that stage,” she said.
Throughout the morning, business leaders and SBDC officials held workshops to give small business owners a breakdown of common issues that entrepreneurs face when starting out, like creating a budget and how to get a loan ready. Budgets are particularly required for loan applications and, all too often, the SBDC fields questions on how to handle that paperwork.
Surveys answered by the 25 people among the dozens who sat in on the workshops found that the information was very informative, King said.
The Delaware Business Times and the Delaware SBDC are planning to host a southern Delaware grants and loans fair in the fall.
