Small Business Funding in Arkansas

The economy of Arkansas produced US$119 billion of gross domestic product in 2015. Six Fortune 500 companies are based in Arkansas, including the world’s #1 corporation, Walmart. Arkansas’s per capita income for 2010 was $36,027. The three-year median household income from 2009-11 was $39,806, ranking forty-ninth in the nation.

According to CNBC, Arkansas currently ranks as the 35th best state for business, with the 10th-lowest cost of doing business, 8th-lowest cost of living, 41st best workforce, 29th-best economic climate, 41st-best-educated workforce, 41st-best infrastructure, and the 32nd-friendliest regulatory environment. Arkansas gained twelve spots in the best state for business rankings since 2011.

Want to grow a business in Arkansas We’re here to help! First Down Funding is servicing small business owners in Arkansas with all their capital needs. Whether it is a long term funding package or a short term funding, apply online or contact us so we can expedite your request. We are your Arkansas Business Funding source. Apply today for business funding in Arkansas.

According to the Nerd Wallet site, two small businesses exist for every 100 people in the state of Arkansas. The average amount of a typical SBA guaranteed funding is about $412,000 with 16 of these funding given for every 100,000 people in the state.

Arkansas entrepreneurs can secure SBA funding through the district office in Little Rock or by contacting private funders. Both national funders such as the Funding Tree and National Funding and local branches of banks can provide more information.

Older entrepreneurs are gaining momentum around the country. The Kauffman Index of Entrepreneurial Activity reported that in 2012, nearly a quarter of new businesses were started by entrepreneurs older than 55. This was a significant increase from 1996 when only 14 percent of new businesses were started by older Americans.

Many entrepreneurs in this age bracket have more disposable income, years of work experience and knowledge, and valuable networks of colleagues. Some are also able to invest part of their retirement savings to finance a dream business. All of these factors can contribute to the potential success of a new business.

After a 20-year career in the IT industry, Jim Butenschoen of Springdale, Ark. started the Career Academy of Hair Design. Butenschoen started his small business with six people and has grown the academy, which now has four locations and five times as many employees.

Many of these older entrepreneurs are successfully transforming a hobby or a passion into a fulfilling second career. For others who are longing to follow in their footsteps but do not have a large nest egg to invest in, many sources of funding are possible.

Arkansas has several different cities that have the resources to help you start a business and get small business funding. Starting a business is all about finding the right niche – it’s important you understand the local market you’re entering before you make any location-based decisions.