Where to Get Money to Start a Business | Small Business Resource

So you have a killer business idea, a perfect business name and slogan, and a marketing strategy that is sure to land you on the front page of Forbes within the year. There is just one problem?every business needs cash to get off the ground, and not every would-be business owner has the capital they need to start the business, no matter how potentially lucrative the business plan. If you are thinking about starting a business, whether you are planning to sell customized tail-gate ready pickup trucks or custom diamond engagement rings, the same primary loan and investment options can help you gather the capital you need to purchase inventory and equipment, rent a warehouse or storefront, launch a website, and develop a marketing strategy. No matter what your business idea, the nuts and bolts of getting it off the ground will be surprisingly similar?and you will need some amount of cash even for the most modest business plan.

1. Bank loan. The bank loan is the most well-known way to finance a new small business, but the reality is, if you are first-time business owner, it may be difficult for you to secure enough financing through a bank loan. The bank will thoroughly investigate your personal credit history before granting you a loan. Before applying, apply for a free credit report (offered yearly through the US government) and ensure that your credit rating is high. Once you?ve established your business, you will start building business credit that is separate from your personal credit history, but for now, personal credit history is all you have. Bear in mind that there is a difference between a start-up loan and a small business loan?research both to determine which will be the best fit for your new business.

2. Microloans. While they were initially developed to support small businesses in the developing world, a microloan can help finance a new small business in the United States or other countries as well. Microloans, which are provided by the Small Business Administration, can provide small amounts of capital that can help get a new small business off the ground. To secure one, you will have to provide a solid business plan, and find an intermediary lender that is certified by the Small Business Administration. You may also find a microloan through a social lending network, which aggregates small loans from hundreds or thousands of individuals and can help finance your small business.

Guest artile written by Whiteflash.com ? Houston jewelry store and provider of best GIA loose diamonds.

Source: http://freesmallbusinessresource.com/where-to-get-money-to-start-a-business/

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