Breaking Barriers: How Entrepreneurs Are Finding Funding and Tools to Succeed

Starting and growing a business has never been easy. Entrepreneurs today face significant hurdles, particularly in accessing funding, whether they are startups, women-owned businesses, minorities, or veterans. Fortunately, various resources and platforms provide essential support, each with its own history and unique offerings.

Top Resources for Entrepreneurs

1. HelloAlice.com

History: Founded in 2017 by Carolyn Rodz and Elizabeth Gore, HelloAlice was created to support small business owners, especially underrepresented groups like women, minorities, and veterans. The platform started as a digital assistant for entrepreneurs and has grown into a comprehensive resource hub.

What It Offers: Grants, mentorship, and business tools for small business owners.

Website: www.helloalice.com

2. FoundersCard.com

History: Launched in 2009 by Eric Kuhn, FoundersCard began as a membership program providing exclusive benefits and networking opportunities for entrepreneurs. It was created to recognize and reward the unique needs of business founders.

What It Offers: Discounts on travel, business services, and exclusive access to networking events.

Website: www.founderscard.co

3. Grants.gov

History: Created in 2002 by the U.S. government as part of the E-Government Act, Grants.gov serves as a centralized hub for finding and applying for federal grants.

What It Offers: Access to federal grant opportunities for various industries and needs.

Website: www.grants.gov

4. Nav.com

History: Founded in 2012 by Levi King, Nav started as Creditera and later rebranded. It was created to simplify business credit and financing by providing transparency and actionable insights.

What It Offers: Business credit score monitoring and connections to financing options.

Website: www.nav.com

5. Fundera.com

History: Launched in 2013 by Jared Hecht, Fundera emerged as a solution to the complex and often confusing process of finding small business loans. In 2020, it was acquired by NerdWallet to enhance its offerings.

What It Offers: Loan comparison tools and resources for small business owners.

Website: www.fundera.com

6. IFundWomen.com

History: Karen Cahn founded IFundWomen in 2016 to address funding gaps for women entrepreneurs. The platform combines crowdfunding with coaching and grants to support women-owned businesses.

What It Offers: Crowdfunding, coaching, and grant opportunities for women entrepreneurs.

Website: www.ifundwomen.com

7. SCORE.org

History: Established in 1964, SCORE started as a group of retired executives mentoring small business owners. Today, it operates as a resource partner of the U.S. Small Business Administration (SBA).

What It Offers: Free mentorship, workshops, and templates for entrepreneurs.

Website: www.score.org

8. Kiva.org

History: Founded in 2005 by Matt Flannery and Jessica Jackley, Kiva started as a nonprofit microloan platform connecting entrepreneurs in developing countries with global lenders. Over time, it expanded to support entrepreneurs worldwide.

What It Offers: Crowdfunded microloans with low interest for small businesses.

Website: www.kiva.org

9. Kickstarter.com

History: Kickstarter was founded in 2009 by Perry Chen, Yancey Strickler, and Charles Adler to enable creative projects to gain funding through public support. It has since funded thousands of innovative ideas.

What It Offers: Rewards-based crowdfunding for creative projects, startups, and small businesses.

Website: www.kickstarter.com

10. Indiegogo.com

History: Launched in 2008 by Danae Ringelmann, Slava Rubin, and Eric Schell, Indiegogo was one of the first crowdfunding platforms. It aimed to democratize access to capital for innovators and entrepreneurs.

What It Offers: Flexible crowdfunding campaigns for entrepreneurs and inventors.

Website: www.indiegogo.com

11. MicroMentor.org

History: Created in 2001 by Mercy Corps, MicroMentor is a free online mentoring platform connecting entrepreneurs with business professionals.

What It Offers: One-on-one mentorship for entrepreneurs globally.

Website: www.micromentor.org

12. Wefunder.com

History: Launched in 2012 by Nicholas Tommarello, Wefunder was one of the first platforms to allow everyday people to invest in startups after the JOBS Act was passed.

What It Offers: Equity crowdfunding for startups and small businesses.

Website: www.wefunder.com

Financing Challenges and Strategies

Current Challenges:

1. Lack of Access to Capital: Startups often lack the financial history lenders require.

2. Funding Gaps for Women & Minorities: Women receive only 2.3% of global venture capital funding (PitchBook). Minority entrepreneurs are twice as likely to be denied loans.

3. High Costs of Borrowing: Rising interest rates have made loans less affordable.