Arkansas’s diverse economy and supportive business environment offer small business owners many opportunities to access funding. Whether you are just starting out or looking to expand your operations, there are numerous government programs, non-profits, and local lenders ready to help. Here are 20 ways to secure small business loans in Arkansas:
Government Programs and Non-Profit Loans
1. Arkansas Economic Development Commission (AEDC)
The AEDC provides different types of funding programs, including Advantage Arkansas, Create Rebate, and Tax Back. All of these provide incentives and low-interest loans to small businesses investing in the state’s economy. They also assist companies with financial solutions via their Business Finance programs tailored for specific requirements.
2. SBA Loans
The SBA Arkansas District Office collaborates with local lenders to offer the 7(a) Loan Program, 504 Loan Program, and microloans. These are geared towards covering a broad business requirement from real estate financing to working capital.
3. Arkansas Small Business and Technology Development Center (ASBTDC)
The ASBTDC offers free consulting, loan applications, and workshops specific to the Arkansas entrepreneur. Their specialties include loan process assistance as well as finding the appropriate financing for a business.
4. Arkansas Capital Corporation
Arkansas Capital focuses on small business loans, both SBA-backed and community-based, to ensure sustainability in the growth of a business.
5. Arkansas Rural Development Program
Administered by the USDA, the Arkansas Rural Development Program offers financing to the development of rural businesses, especially on job creation, infrastructure improvements, and renewable energy.
6. Winrock International
Winrock International supports small business in Arkansas with loan as well as mentorship in innovation, sustainability, and rural development.
7. Communities Unlimited
Communities Unlimited is a non-profit corporation that provides loans for small businesses and technical assistance in underserved areas and in sustainable economic development.
8. Arkansas Development Finance Authority (ADFA)
The ADFA provides bond financing, revolving loan funds, and other programs to help businesses access affordable financing tailored to their needs.
9. Kiva Arkansas
The Kiva is a crowdfunding service that provides zero-interest microloans to entrepreneurs. It’s a good option for small businesses with community-driven goals.
10. Arkansas Minority and Women-Owned Business Enterprise (MWBE) Certification
The Arkansas MWBE Certification enables minority- and women-owned businesses to access grants, loans, and government contracts specifically reserved for certified businesses.
Find the right loan product for your business.
Local Bank and Credit Union Loans
11. Arvest Bank
Arvest Bank offers small business loans, lines of credit, and SBA-backed loan choices. Its local expertise is a guarantee of individual solutions for Arkansas entrepreneurs.
12. Bank OZK
Bank OZK has diversified financing options, which are real estate loans, equipment financing, and term loans, targeting small businesses in Arkansas.
13. Simmons Bank
Simmons Bank offers business loans, SBA financing, and lines of credit for small businesses to better handle cash flow and growth.
14. First Security Bank
First Security Bank offers competitive small business loans with personal attention to help local businesses thrive.
15. Farm Credit of Western Arkansas
Farm Credit focuses on agricultural business loans including farm start-up, land acquisition, and operating funds.
Alternative and Specialty Funding
16. Arkansas Green Loan Fund
Companies interested in energy efficiency or renewable energy projects can apply for low-interest loans from the Arkansas Department of Environmental Quality. This is a way to decrease operational costs while contributing to sustainability.
17. Arkansas SCORE Chapters
SCORE offers free mentoring and workshops to small business owners, including guidance on how to get loans and improve their business.
18. Crowdfunding Platforms
Kickstarter and GoFundMe enable small businesses in Arkansas to raise funds directly from supporters. Crowdfunding is an excellent option for startups and community-based projects.
19. Arkansas Angel Network
This network connects innovative startups with angel investors willing to fund high-growth businesses. Learn more through the Arkansas Venture Center, which also offers accelerator programs.
20. Central Arkansas Planning and Development District (CAPDD)
The CAPDD administers loan and grant programs to help small businesses in central Arkansas. Resources provided by the CAPDD help local businesses find financing for growth and development.
Final Thoughts
Small business loans in Arkansas would take a lot of determination and preparation. First and foremost, one needs to identify government programs, nonprofit organizations, and local lenders specific to the business climate in Arkansas. The ASBTDC is a great source to consult for developing a great loan application and finding proper funding opportunities.
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