You have an idea for a business. You need funding for your start up. What do you do? There are many options available. You could take out a personal loan, max your credit cards, or call on the help of friends and family. Those are a few options the first two are not that appealing and your friends and family may not be in a financial position to assist. So now you ask, what options do I have?
There are three growingly popular options. One option is applying for a Small Business Administration (SBA) loan. These are loans specific to small business owners. The loans are typically at lower interest rates than a bank loan. The SBA has an application with specific requirements – one of which is a business plan – that are necessary. Once the application is complete, the loan package is then submitted to one of the various local organizations that work with the SBA. These organizations are usually local economic development organizations. These organizations usually have a monthly deadline for submitting SBA loan applications. It is important to find out the deadline and submit your application prior to that date.
Another growing option is Angel Investors. Angel Investors have funds set aside to assist small business owners. Angel Investors typically have specific industries, geographical locations, or areas of business development they support. It is important that all required information is supplied to the Angel Investor. Angel Investors require a business plan as well.
Joint Ventures are strategic partnerships developed between an individual/organization with an idea and an individual/organization with the necessary funding to make the partnership a reality. Joint ventures spread the risk and the cost as well as improve the speed to the market.
Funding Your Start Up - To learn more about this author, visit Brandy Adamson's Website.
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Brandy Adamson
(Visit Brandy's Website)
Brandy Adamson
CEO, Alive Inc & ALIVE Magazine
Business & Life Strategist
Publisher
Speaker
Ms. Adamson is the owner of Alive
Incorporated, a firm providing it clients
with business consulting, brand
management, marketing and coaching
services. Through its newest addition to
the Alive Incorporated family, Siri
Publishing, Ms. Adamson also publishes
ALIVE Magazine, a bi-monthly publication
for aspiring and current entrepreneurial
women of color. This magazine motivates,
inspires, and encourages women to bring
dreams to life. The mission of this
publication is to nourish women’s dreams
through access to resources, networking,
development opportunities and avenues for
advertising her business.
A business and life coach, she coaches
entrepreneurs and professionals to
identify priorities and align their values
and actions while developing effective
strategies to make progress toward life
goals. Her e-newsletter and blog talk
radio show provide inspiration and
motivation to its readers and listeners.
Ms. Adamson is available for speaking
engagements. The most requested programs
are Empowerment, Entrepreneurship and
Diversity.
ed
itor@alivemagonline.com
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