Funding a Small Business

Posted in Business & Finance

Funding a Small Business

Christie MacConnell, Director of the SC Women's Business Center, shares tips for securing the funds you need to start your small business.

❑ Have a solid written business plan developed with knowledge of the industry.

❑ The Financial section of the plan must be plausible –with assumptions that explain from where the numbers are coming and that the loan can be repaid.

❑ Having direct experience in the industry that you are starting a business in is usually necessary.

❑ Plan on investing in your business from your savings - at least 25% of the total.

❑ See what Economic Development groups in your area have funding for start-up business.

❑ Have collateral to pledge that covers the full amount of what you are looking to borrow.

❑ Have a household budget completed and a way to cover all of your personal obligations - this may mean keeping your current job for a bit and working two jobs.

❑ If it's a start-up business, you will most likely have to have been turned down by a conventional lender (bank) before an economic development group will consider doing the loan package.

❑ Work with a professional business counselor that can assist you with the entire process.

❑ You may have to approach several funders before securing the funds needed or possible down-size the project so that less money is needed.

❑ Don't give up! Anything worth doing is worth doing well. The better you plan and prepare for starting your business, the more chance there is of it being successful.

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