General Question

loaner2007's avatar

How can one get the right financing that he needs for starting a business?

Asked by loaner2007 (6 points ) December 11th, 2007
Observing members: 0 Composing members: 0

5 Answers

robhaya's avatar

If you don’t have the capital you need to fund your business, try family and friends to lend you the capital you need to get started. Make sure that you have a realistic plan and budget for getting the business off the ground and how you intend to pay them back. Whether its by, a cut of your profits or partial ownership in the company. If you still need other financing, try the traditional way of going to a bank for a small business loan. Also check out if your business qualifies for any Federal grants for small business, etc. And last but not least, there is always Angel Investors or teaming up with a business parter/silent partner to fund your endeavor.

Good Luck!
R

Charlie's avatar

You may also contact the Better Business Bureau. They have alot of information on this.

Response moderated (Spam)
kiti's avatar

Give yourself a try, get more information, and determine your essential aim. That way leads you to find out what you exactly want. No one will help you more than yourself.

Being prepared, systematic, and attentive will make your dreams come true.

TaoSan's avatar

The question is a bit vague. In order to determine the right approach it would help to know the general type of business you’re planning.

Do you need 100k for a neighborhood store or 30 Mill for a production facility?

Service, sales or production?

Single owner or corporation by shares?

Are you willing to share control over the new company in exchange for unsecured loan money?

Startup financing is a very broad topic. However, be aware, the current economic crunch will have you hard pressed to find a bank willing to finance even if you have impeccable credit, own seed money, and come up with a rock-solid business plan.

Regardless, some resources:

Federal Small Business Administration:
http://www.sba.gov/smallbusinessplanner/index.html

Entrepreneur.com’s business financing section:
http://www.entrepreneur.com/money/finance/index.html

Federal Government Grant Opportunities for Startups:
http://www.grants.gov/

I strongly advise against any infomercial stuff you see in late-night TV. For all I know these offerings are useless, or at best recycled information you can find free on the aforementioned sites.

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