Financing Your Business
One of the most asked questions at the ASBTDC is “How do I get money for my business?” The majority of small business financing comes from personal resources, friends and family, and small business loans. You should be prepared to invest your own resources since you are unlikely to receive 100% financing from a lender.
Obtaining a loan for a small business is not like applying for a personal loan. Business loans typically take more time, require more documentation, and are more highly scrutinized.
When you approach a lender for financing, a business plan or loan proposal will be necessary to communicate the nature of your project. Completing actual loan application forms is something that comes later in the process. Initially, you should focus on developing a quality business plan or loan proposal.
If you need help in compiling your loan proposal or have additional question on the financing process, contact one of the ASBTDC’s offices located throughout the state. Keep in mind that the ASBTDC does not provide financing but rather can offer guidance on options and what to expect.