This explainer is the first in a broader series called the Small Business Guide, where the Landing will break down different resources and tips to starting a small business in Texas.
Despite the many mega-corporations based in Houston, the Bayou City is also known for fostering small businesses. In fact, Houston was No. 22 in a 2023 study that ranked the top U.S. metros to start a small business.
Of those who make up Houston’s small-business owners, 44 percent were women and 22 percent were racial minorities between March 2021 and March 2022, according to the U.S. Small Business Administration’s Office of Advocacy.
Houston has plenty of resources for small-business owners, particularly those of color and women. Here are some resources that can help you launch your company.
Verizon’s Small Business Digital Ready program
Verizon offers a Small Business Digital Ready program, a free online curriculum for small businesses to receive coaching, complete courses and receive mentoring. The program aims to help businesses in the digital economy and can be taken at your own pace.
Through the program, you can apply for grants to start your own business. Users need to complete either a combination of two courses, coaching sessions, or community events to be eligible to apply for a $10,000 grant, said Hope Arcuri, senior communications manager, Corporate Social Responsibility, at Verizon.
Courses cover topics such as financial management, communications strategy, writing business proposals and digital cybersecurity.
You can start taking courses now, Arcuri said. Application questions aren’t available to the public yet, but you can expect to be asked about basic business information that takes an average of 20 minutes to complete.
Grants have been reopened for the spring and will remain open through April 8.
In Houston, there are more than 3,500 small-to-medium business owners that are using the program. In total, six grantees in Houston have received $60,000 in grants.
“We’re here to really enable small business owners and really get them to level up their businesses,” Arcuri said. “And, we’re just here to help do that.”
Brookfield Properties’ Partner to Empower program
Brookfield Properties’ Partner to Empower program offers local minority-owned retailers an opportunity to learn more about business planning and funding. It also offers network opportunities and a four-week workshop led by industry experts. The program is accepting applications through Feb. 16.
The program opens its applications three times a year and accepts 40 to 45 applicants per cycle.
It offers funding to build out a store or a kiosk. The four-week virtual workshop discusses different business topics, such as banking, cash flow and tax management.
The program is aimed at people who can commit to a minimum of two years, said Michelle Brown, vice president of the Partner to Empower Program.
“The reason that we ask them to do that is because we’re making a commitment to them, making a commitment to their success, which is the intent of the program — to provide these resources so that business owners of color are successful. Not just here today and gone tomorrow,” Brown said.
The program looks for products or services that fit the shopping center users have an interest in. The program operates nationwide but has retail properties in five malls in the Greater Houston region.
“A lot of times, people are just afraid to apply,” Brown said. “I just encourage people to go on the website, take a look, and fill out the application if they’re really serious about opening a store this year or next. It doesn’t have to be today, but just go out on that limb and try.”
LiftFund
LiftFund is a nonprofit organization that provides loans to women-owned and minority-owned small businesses. Martha Zurita, chief communications and advancement officer for LiftFund, said the organization works with owners who traditionally do not have access to a bank or a credit union.
Loans are available for commercial real estate purchases, equipment, inventory and more, and they range from $500 to $500,000. If you want seed funding or need additional funds to buy equipment or hire employees, you can apply to receive a loan.
Additionally, LiftFund offers a business resource hub where people can receive guidance and advice from project managers for free. The organization also offers free in-person and virtual events for people to learn more about different topics such as building a digital presence and understanding financials.
“Our goal is really to help small business owners build credit history, increase their credit score, build capacity, and then graduate and access more funding,” Zurita said.
LiftFund provides an eligibility checklist online to review information and items in order to complete the application. For those interested in finding out if they’re ready to apply, they can take a quiz to determine if the loan is best for their business.
The Houston Community College Business Plan Competition is accepting applications for this year’s competition through 2 p.m. Jan. 26. In 2023, over $26,000 was granted in seed money to the top five teams.
Applicants can apply alone or as a team with up to five people. Teams accepted into the competition will begin in late February and run through June. Training sessions will start Feb. 27 and will be held Tuesday evenings from 5 to 8 p.m.
To be eligible, you should have a business that’s in early stages or a concept that can be launched within the 12 months after the completion of the competition. The competition does require you to take a prerequisite class or program depending on the startup or business idea. To apply, click here.
Teams accepted into the competition will be announced Feb. 22.
City of Houston’s Office of Business Opportunity
The city of Houston’s Office of Business Opportunity offers an annual business plan competition called Liftoff Houston. The competition provides $30,000 for startups.
The competition awards $10,000 for top business ideas and also provides education on basic business skills. Eligibility includes being in the startup phase or having less than one year of operation, revenue must be less than $10,000, and you and your business must reside within city limits.
The competition also allows for individuals to take an educational pathway that allows people to gain skills, receive a certificate and meet the prerequisites for the Houston Community College Business Plan Competition.
Each option requires an orientation, workshops and mentoring sessions.
This year’s competition has yet to be launched.
U.S. Small Business Administration – Houston District
The U.S. Small Business Administration’s Houston District is a federal agency that provides loans, federal contracting certifications and counseling to small business owners.
Loans start at $500 and range up to $5.5 million, said Acting District Director Mark Winchester. The agency can offer more funding if needed through small business investment corporations.
Eligibility includes being a U.S. citizen or a permanent legal resident, not having a felony or bankruptcy and having a for-profit business. The business cannot be faith-based or gender-based.
The agency also offers a Women-Owned Small Business Federal Contract program and a Veteran Small Business Certification (VetCert) program.
Additionally, the agency and its partners offer in-person and virtual events for people to learn more about their resources, learn more about starting a business,and more. The agency also has partners that can provide business counseling. Click here to find local assistance.
You can book an in-person appointment online. The office is open Monday through Friday from 8 a.m. to 4:30 p.m. and operates by appointment only.
Bank of America
Bank of America has an online database called Access to Capital Directory that provides opportunities for funding for your business.
“It puts at your fingertips hundreds of organizations providing funding for entrepreneurs across the U.S.,” according to the website.
The bank also offers a Center for Women Entrepreneurs, which includes a directory of women-owned businesses, access to a free online program through the Institute for Women’s Entrepreneurship at Cornell, Tory Burch Foundation Capital Program that provides access to affordable loans, and more.
For additional small business resources through Bank of America, click here
This is not an exhaustive list of all potential funding and business education resources for small businesses in Greater Houston. If you would like your organization added to this list, please email angelica@houstonlanding.org.
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