Options for Financing Your New Business

Gary Van Sistine, Business Intermediary

The dream of owning a business turns into reality, when the buyer has to go looking for financing. There are more options available than most entrepreneurs realize; the trick is to find the right financial sources and see how they can fit together. As a business broker, I can help you find these options, which might include:

Major banks
Credit unions
Private parties / investors
State funds
Local “micro loan” programs
Start-up SBA loans
Equipment loans
Working capital loans
Building and improvement loans

Any combination of the above could make your plan come together. It takes some time and effort to learn about and understand each of these loan opportunities, but it’s well worth it. Of course, you have to be prepared with some essentials, including your personal credit score details. Next, you need to prepare and have ready a make-sense business plan (there are many examples on-line or contact SCORE in your community). Business plans will include documentation like financial statements and revenue forecast for your start-up.

Trying to start a new business may seem daunting, but taking it one step at a time and asking for advice along the way will eventually lead you toward realizing your new business vision.