Part 4: Secure Funding in Arkansas
Starting a startup involves startup (and sustaining) costs. It's important to be honest with oneself and business partners about the initial investment required. Factoring in expenses such as vehicle purchases, licensing fees, insurance costs, marketing expenses and operational overhead are just to name a few. Upon crunching the numbers, consider seeking adequate funding to successfully launch and sustain your NEMT business during its initial stages.
The following links and steps below are a good place to start to look for financial support. Explore funding options such as small business loans, seeking angel investors or even crowd-funding platforms.
The Arkansas Small Business and Technology Development Center (ASBTDC) is an economic development program based in higher education. They support entrepreneurs, whether they are starting out or experienced, by providing assistance with every aspect of business creation, management and operation.
Here’s an initial list of some of your options in Arkansas:
1 | Small Business Loans
The SBA offers various loan programs for small businesses, including the 7(a) loan program, which provides financial assistance for businesses with special requirements.
The Arkansas Small Business and Technology Development Center (ASBTDC) is a great source to contact to look for small business loans.
2 | Financial incentives
Arkansas Capital offers several programs and resources for new businesses, including financial assistance and incentives.
3 | Grants
While direct grants for starting a business are rare, there are grants available for purposes like technological innovation and rural development. If you provide NEMT services to rural Arkansas residents, you may have an opportunity to apply for a grant through Grants.gov, a comprehensive resource for federal grants.
You're over halfway through this series! To move on to Part 5 on expanding your NEMT fleet, click here. Alternatively, you can explore other sections in the series by visiting the table of contents here.
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