You’ve got a great idea for a new business. But when it comes to finding the funding to get it launched, an old idea can work just as well: look to the businesses that have come before you to see what worked for them.
Apple, FedEx, Tesla and Build-A-Bear Workshop are among many successful corporations that received financial assistance from the Small Business Investment Company.
The Small Business Investment Company, known as the SBIC, is a partnership between private investors and the Small Business Administration. It was created by Congress about 50 years ago to provide a flow of long-term capital to America’s small businesses.
SBIC Helped a Few Companies You May Have Heard of
The SBIC provided $6 billion in financing to small businesses in 2016. Some of the country’s most successful corporations received funding from SBIC during their early stages of development including:
- Sun Microsystems
- Jenny Craig
- Build-A-Bear Workshop
- Outback Steakhouse
As part of the program, private investors participate as limited partners and invest funds that the U.S. Small Business Administration matches with $2 for every $1. The typical investment is made over a three-year period and usually involves both a loan and an equity share of ownership.
Today’s robust economy has been fueled by the success of businesses helped by the SBIC. America is experiencing the 92nd consecutive month of job creation with a net increase of 223,000 new jobs, the New York Times reported in June. Two out of three net new jobs in the U.S. are created by small businesses, according to the SBA.
This is a boon for recent college graduates who are getting snapped up by employers struggling to fill positions with unemployment at less than 2%, according to the U.S. Department of Labor Statistics.
With the economy heating up and investment help available, there’s no reason to put your entreprenerial ambitions on hold.
Leverage Your Efforts and Get 1 Month Free
Outsourcing tedious and labor-intensive tasks that allow little margin for error is a great way to leverage the efforts of a company just starting out. SBS Payroll is a full-service company with 20 years of experience handling a full range of compensation issues. SBS offers a full suite of payroll and HR solutions, customizable to the needs of your company at every stage.
Contact us to learn about free our free, no-obligation “payroll check-up” designed to root out inefficiencies and identify ways that you can leverage technology to create more time to focus on growing your business. To schedule your check-up, call or click on the link below to speak with one of our experts. After the consultation, you will receive a printable PDF of your report to keep and share. You can also ask about our one-month free offer for new clients who complete 90 days of processing service with us.Contact us to learn about payroll support for your new business.