Small businesses in Ohio need to be concerned with both their physical infrastructures and the ways they develop online. Finding the proper financing means thinking about technology as this space becomes more crucial. Here are some areas to review and small business tips for the digital world. You may be surprised how loan programs can help with essential elements of your business.
Security
For years, many low-profile entrepreneurs and consumers alike may have assumed they aren't worth a hacker's attention, but that could be changing. The head of a small business has to take digital information security as seriously as the head of a large one. Fortunately, the Ohio government seems to be taking a stronger interest into this area.
In a September press release, State Attorney General Mike DeWine said that his office would oversee a new CyberOhio initiative. It would consist of several parts to help facilitate proper use, including a focus on training and guidance from a newly created Cybersecurity Advisory Board.
"When Ohio's businesses are victimized by hackers, they can suffer millions of dollars in damage and place Ohio consumers at risk," the attorney general said. "I believe by helping protect Ohio's businesses, we also help protect the privacy and security of Ohio's consumers."
Even if a certain SBA loan doesn't cover digital security specifically, applicants can turn to this resource to take some of the other burdens of cost from them. That may in turn leave the business in a better position to invest in cyber protections.
"Small businesses can run into communication problems even with a relatively small workforce."
Communication
Small businesses may not have gigantic workforce populations to manage, but they can still run into communication problems. Strong social tools within a company can make it easier to coordinate. A report from the McKinsey Global Institute recently argued that "72 percent of companies use social technologies in some way."
Furthermore, high-level workers could improve their productivity by as much as 25 percent if they use social tech correctly. This figure included several individual improvements for different tasks, including reading and answering e-mails.
Companies with burgeoning service departments may be eligible for assistance from sources like the Community Advantage Loan program. This particular loan can apply to manufacturing or wholesale businesses, where social tech can play a big role.
Data Storage
Does your business require its own space for data storage facilities, or perhaps a new center simply to expand? If new or revamped property is involved, the SBA 504 loan program could be the answer. As our site lists, this option allows for fixed-asset financing that can contribute to land acquisition, building construction and renovation for businesses with a net worth lower than $15 million. When your tech comes with space concerns, this could be an option.
Need to know more about Ohio small business loans? Contact Growth Capital today, or register for our mailing list here.
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