Independent retailers are a cornerstone of any local economy: They serve as the foundation for thriving, sustainable communities by creating jobs, providing services, and recirculating revenue. This July, as we celebrate Independent Retailer Month, there is as much optimism as ever for the outlook of the retail industry in general. In fact, the National Retail Federation expects retail sales will grow between 6 and 8% this year — substantially higher than the 10-year, pre-pandemic growth rate of 3.7% — and small, independent retailers stand to benefit. With this level of anticipated growth, now is a great time to consider the next steps for your independent retail operation.
If you’ve been thinking about starting or growing your own business, the SBA is here for you. There are a variety of resources that you can leverage to build your unique brand from the ground up — or to expand upon what is already there. This Independent Retailer Month, learn more about the following services and programs from the SBA.
Local Assistance
The small business landscape doesn’t have to be complicated and confusing. Area-specific SBA Resource Partners can not only help you get up and running, but also navigate ownership once you’ve started.
- Community Navigators: The Community Navigator Pilot Program helps strengthen outreach to underserved businesses by partnering with organizations with deep roots in their communities. Fifty-one centralized "hub" organizations support 450 local and trusted "spoke" organizations, connecting small businesses with programs and services.
- Small Business Development Centers (SBDCs): Access to capital, business planning, financial management, marketing assistance — SBDCs do it all. From coast to coast, entrepreneurs can find training and counseling at over 900 hundred SBDCs across the U.S.
- SCORE: It is never a bad idea to connect with someone who has been there before. SCORE business mentors offer no-cost assistance with planning, launching, managing, and growing your small business.
- Women’s Business Centers (WBC): WBCs work to level the playing field for women entrepreneurs by helping them launch new businesses and compete in the marketplace.
- Veterans Business Outreach Centers (VBOC): VBOCs serve as one-stop shops for the veteran and military community members whose next mission is entrepreneurship. Access business training, workshops, resource referrals, and more through 22 VBOC locations.
Funding Programs
Once you’ve done your market research and written your business plan, you have to ask yourself, “How am I going to fund my business?” The SBA has an answer.
- SBA-backed loans: Some prospective business owners are credit-worthy but don’t qualify for conventional financing. That is where the SBA comes in. The SBA guarantees loans by working with participating lenders, reducing their risk and increasing the likelihood that your loan will be approved.
- Lender Match: A free online referral tool, Lender Match connects small businesses with more than 800 participating SBA-approved lenders throughout all 50 states and territories. Start there to secure your SBA-guaranteed loan.
- Continued support: The SBA doesn’t limit its services to helping entrepreneurs launch. If you are an established business that needs more capital, the SBA can help you acquire more funding.
Throughout July, the SBA looks forward to celebrating the achievements of independent retailers across the country — and welcoming many more to the table. Find out more about starting or growing your small business at sba.gov.