If you’re a small business owner, we’ve just got to start by saying: you’re killing it. It’s not an easy job and learning the many, many facets of running a business is challenging.
While your ultimate goal is to make your small business more profitable, sometimes doing so requires you to undergo initiatives that require a little bit more capital. And, while you may not always have the cash on hand to fund this growth, luckily there are some great local resources, both locally in Tucson and more broadly, that can help you get there!
Raising funds for your small business falls into two categories:
- Direct funding through grants and other financial programs
- Indirect funding through increased knowledge, education, and resources
Direct funding can be a great way to inject some cash into your operations, but it’s sustained knowledge and growth that will help you succeed and grow long-term.
And while it can all seem pretty daunting, it doesn’t have to be. And that’s why we’ve rounded up some of the best resources for Arizona-based businesses.
Direct Funding & Grant Programs
The most direct way to raise funds for your small business is through funding and grants. There are many programs throughout the state that help small business owners financially.
1. Startup Tucson
What is it? Startup Tucson is a non-profit organization dedicated to supporting small businesses right here in Tucson! They do this through education, events, and funding. Their funding programs include annual pitch competitions with prizes from $5,000-$25,000 as well as partnering with crowdfunding and venture capital funding partners.
Who qualifies? Tucson-based small businesses and start-up teams; specific funding opportunities may have additional requirements.
2. Arizona Community Foundation
What is it? The Arizona Community Foundation has compiled a list of grants that are available for some small businesses and organizations. Interested parties should log in to the grant portal to learn more and apply for grants.
Who qualifies? Eligible organizations must fall into the 501(c)(3) category: non-profit organizations, faith-based organizations, tribal entities, and schools.
3. State Trade Expansion Program
What is it? The State Trade Expansion Program (STEP) is designed to help small businesses expand into the international marketplace. It provides awards to small businesses to help them cover costs associated with exporting products or reaching international customers. More details are covered in the SBA Grants for Global Expansion webinar.
Make sure to also spend some time looking around the SBA (Small Business Administration) website—they have resources, grants, funding opportunities, and events dedicated to helping small businesses in the state.
Who qualifies? Small businesses seeking to expand internationally.
4. Amber Grants for Women
What is it? Amber Grants for Women have supported businesswomen in Arizona and across the country for over 20 years. Grants range from $10,000-$35,000 to help take your small business to the next level! Their website also lists other resources for businesswomen in Arizona.
Who’s it for? Businesses that are at least 50% women-owned.
Education and Resources
Another way to raise funds for your small business is through education and knowledge. The more you know, the more you can implement necessary changes!
But you don’t know what you don’t know. So, here are some ways to educate yourself as a small business owner and turn that knowledge into money:
1. Arizona Commerce Authority Small Business Bootcamp
What is it? This resource is a series of virtual webinars and workshops designed for small businesses. They are part of a state-wide initiative tailored to the needs of people living here in Arizona! Sample topics include cybersecurity, personal growth, bookkeeping, or LinkedIn for business development.
The Arizona Commerce Authority has an extensive list of programs to help small businesses grow. Check out the full list here.
Cost: Free.
Location: Online, both live-stream webinars and a library of past events.
2. Arizona Small Business Development Center (SBDC)
What is it? The SBDC helps “launch, grow, and sustain small businesses.” They do this by providing business counseling by trained advisors as well as hosting events and workshops. One-on-one business counseling is a valuable resource, as you can dig deep into small business KPIs and what works for your specific context.
Cost: Free.
Location: 25 locations throughout Arizona, including two in the Tucson area.
3. Arizona Small Business Association
What is it? This is a member-based association that provides access to business leads, networking events, expert assistance and mentoring, and savings on business products and services.
Cost: Three levels of membership, from $350-$750 annually.
Location: The head office is located in Phoenix, but events are held throughout Arizona. Other services are available virtually.
4. Arizona Virtual Accelerator
What is it? This 12-week venture development program is hosted by the Arizona Commerce Authority and is designed for early-stage companies. It walks participants through how to grow their business, financing, and how to craft effective applications.
Location: Virtual.
Raising funds for your small business might be just what you need to take it to the next level! There are a bunch of great options here in Arizona, both for direct funding and to increase your knowledge and expertise.
If you’re interested in working in an office space that supports the growth of your business, book a tour of The Post today.