So, you want to know how to finance a small business?

For a small business, there are many avenues you can wander down, if you’re seeking financing.

Now that we have your attention, here are 5 ways to finance your small business:

  • SBA Loans. You can go to your local bank and ask about SBA
  • backed loans. Different banks will have different criteria on the types of loan
  • offered. Check out the SBA website for information and to find
  • small business loans where you live.Family and Friends. This can be a great source of early
  • funding without much of the formalities. But be careful– it becomes very hard
  • to cut family and friends out of a business.Crowdfunding websites. Several websites exist that allow
  • donors or investors to give to a project with the click of a button. Investor or
  • donor funds are pooled together and given to the business.Banks. Loans and lines of credit are available from banks.
  • For a new business with no history, a bank loan would be difficult to obtain.Bootstrapping. This is just a fancy way of saying “fund it
  • yourself.” Many small business owners put their own money into the small
  • business. This may come from savings, personal lines of credit or even home
  • equity loans.

Places to avoid

Venture capitalists. If you’re trying to get a small business off the ground, it’s unlikely that you’ll get your initial source of funding from a VC. Don’t waste your time, especially if it’s your first business. Wait until you have something good going before you approach a VC.

Angel funders. Again, you won’t get your first round of funding from an angel investor if you’re a first-timer running a small business. You need to have a strong business in place and some history to show before you can pique the interest of an angel funder.

Related Resources:

  • 7 great
  • ways to finance a startup (CNN Money)Sources
  • of Small Business Financing (FindLaw)Start-Up
  • Financing (FindLaw)

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