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Starting a Small Business 

Q  How do I finance my business?

A Determine how much money you need:

  • Start-up expenses
  • Operating expenses for perhaps as much as 6 months depending on what your cash flow projection (part of your Business Plan) indicates.

Most common sources are:

  • Most small start-ups are funded through personal resources: savings, loans from family, friends, other investors; home equity loans; cash value of life insurance. See how much you can raise from these sources.
  • Banks will lend to some business start-ups if they are satisfied with your Business Plan; your level of experience; your credit history; and the collateral you have to pledge to the loan. In general, you will need 25-30% of the money yourself.
  • Other loans. There may be some specialized loans from non-bank lenders that will fit your needs. These loans may be in conjunction with a bank loan. See your local SBDC Offices for specifics.

 


 

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Page last updated: October 11 2013

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