Financing your Business

It is difficult to find money to start a new business.  The majority of entrepreneurs rely on their own resources and those of friends and family for start-up capital. Financial institutions are understandably cautious about loaning money for start-ups because they are new and do not have a track record of success.  Securing capital for your new business is going to require resourcefulness and good business planning. As you develop the financial section of your business plan, check out the following resources:
Educate yourself through the SC Small Business Development Center websiteBefore you walk into a bank, educate yourself.  Under the “Start a New Business” tab, click on “Financial Aspects”.  You will find several documents that address the following topics:
•  Funding Sources for Small Business
•  What to Know and Do Before Applying for a Loan
•  Types of Equity Funding Sources
•  Lender Requirements for Start-Ups
•  Financial Projections Worksheet
•  Other information on Payroll Taxes, Workers Comp, Credit Scores, and more
Pickens Capital Matrix. This Matrix serves as a directory to both local and regional capital resources, including local commercial lenders, regional SBA lenders, regional Angel and Venture Capital, and more.
The City of Pickens Façade Improvement Grant Program – a local grant competition for up to $5,000 in matching grant dollars intended to stimulate improvements to the exterior of commercial buildings in the Pickens Overlay Districts, identified as the City Center Overlay District and the Gateway Overlay District. For more information, click here.
Learn how SBA financing works on the Small Business Administration website. Check out these videos and training exercises on financing in the SBA Learning Center. While it is never easy to secure a commercial loan, SBA participation in a private lender’s loan can sometimes get tough-to-approve applications over the hump.  When you contact a lender, ask if they participate in SBA programs.  These programs may be a good fit for your business plan.