Financing for Growth

Growing a business can be both challenging and rewarding. In the food world this might mean scaling up from a home bakery to an incubator, or from a food truck to a brick and mortar restaurant, or from a small grocery store to a regional chain. At some point your business will need more money to continue growing and you may need to look beyond the options you already know.

The Small Business Administration (SBA) - Get More Funding resource can help you figure out how much money you need and what kinds of financing sources might work for you.

Before you start the process of raising or borrowing additional money, it’s always important to return to your business plan and ask yourself a couple of questions:

  • How much money do you need?
  • What will you spend it on?

If you can’t provide a detailed answer for both of these questions, then you may need to revisit your business plan before pursuing any financing options. Remember, business planning is not a one-time event - it’s an ongoing process that will help you ensure your business is stable and able to grow.

We recommend Small Business Development Center (SBDC), which offers no-cost services for small businesses and entrepreneurs, including one-on-one business advising, strategic business planning, and assistance with developing financial projections. Schedule a no-cost business advising phone appointment with SBDC for additional assistance.

Once you’re able to answer those questions it may be useful to discuss your financing needs with whatever entity is currently providing funding for your business to explore whether you can continue working together. If that's not a practical option then continue reading to learn about additional financing options for your small business! Here are some excellent resources to begin exploring:

Economic Community Development Institute (ECDI)
(Nonprofit)
Statewide lender offering small business microloans and business support, training, and networking services

Kiva Columbus
(Nonprofit)
Lending options for financially excluded entrepreneurs unable to launch or grow their business ideas

Small Business Administration (SBA) Lender Match
(Federal Government)
A free online referral tool that connects small businesses with participating SBA-approved lenders

SBA Learning Center - Financing Options for Small Businesses
(Federal Government)
Training on determining financial needs, venture capital, angel investors, crowdfunding, and other options

Franklin County Food Business Portal - Food System Resources page
Provides additional information on grant opportunities for particular types of food businesses

It’s important that you do your own homework on what will work for your business! The pages below will help you understand different financing and capital access options that may be useful for your business.

  • Access to Capital (Loans) - Microlenders, Nonprofit Lenders, Banks, State Programs, Federal Programs
  • Access to Capital (Equity & Ownership) - Seed Capital, Venture Capital, Angel Investment
  • Development Finance Toolbox - Bonds, Property Assessed Clean Energy (PACE), Tax Increment Financing (TIF), Tax Credit, Tax Abatement

Checklist

  • Identify how much money you need and how you will spend it
  • Learn about different approaches to accessing capital
  • Try SBA’s Lender Match

View All Steps

Financing Resources

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