What companies should I look to to help get funding like working capital, grants and loans?
Hello I wanted to see if anyone knows of a reputable company who has helped businesses to recover, revamp, and has been successful with helping them get funding such as loans and or grants, specifically grants with less than $20,000 made last year.
Shamane ...It all comes down to what collateral you have to back the loan. SBA only backs a bank on the loan up to 80% of the loan's value.
Banks want to see you go to family and friends before they lend you any money. You might want to investigate a micro-loan which is a maximum of $15,000. They are much easier to get but you'll still need collateral.
Minority and woman-owned certified businesses have advantages that other businesses don't have. As others have mentioned I would recommend that you start by contacting your local SCORE chapter along with the local small business development center (SBDC) and get a mentor to help you formulate a business plan. They can also help you with finding working capital.
Another alternative would be crowdfunding. Many businesses are turning to it to raise working capital.
Looking for a company that works with plastics. also a company that works with paper shredders, also a company that works with textiles.
Hello Shamane. To give another alternative to grants which are time consuming and require a lot of paper work for reporting, You might consider a new approach called CROWD FUNDING. Send me a private message and I will contact you about it. Jerry Parks
The Small Business Association is a federally funded program but as most agencies do require some personal guarantees for such loans. I highly recommend talking to your accountant and determine what may be the best route to take for your company. Preparation of a solid business plan is a start and then let the accountant take it from there.
Financing institutions can provide small loans if they have appetite for your business potential. Shop around for the bank that has particular interest in your line of business, introduce yourself to the branch manager and business advisor to understand their products offering and post service. Some commercial banks offer mentorship to their clients before and after financing a loan.
Depending on where you are located, you may,be able to source grants for business. In Botswana, for example, no business can get a grant. Generally, foundations and trusts in developed countries do development grants to build capacity of small businesses. Usually the grants help acquire necessary equipment, provide mentorship for market development. Big corporations like Ford, WalMart, Microsoft, American Express, may have foundations you can investigate.
Let us know what worked.
Grants - Honestly, there is not much in the way of govt grants unless you are some sort of tech field. Some non-profits have grants for their particular affinity population. Universities often have small grants if their students are part of team (I judge two competitions at ASU for example. Some big companies have competitions for small biz as well.
Loans - I definitely suggest calling your local SBDC (Small Business Development Center). They are funded by the SBA, have employed business analysts that will form a long term relationship with you to assist you (including loan apps), offer training, etc - all at no charge.
For such small loans, look for an SBA Micro-Lender. These are often what are called CDFI's or CDC's - they are funded by the SBA (and your SBDC counselor will know them).
If your business is in bad shape though, you first need to right the ship.
Shamane, you are going to find that it is very tough getting money out here to help you finance a business. Try these links from SBA: http://www.sba.gov/content/find-business-loans-grants-other-financial-assistance
Hello Shamane ,I think you should approach financial institutions who support small companies to acquire loans ,these institutions give loans with small rate of interest , that way will be easier for you , I can name any but you can ask ,its only advise .
Unless you will be a 501c3 non-profits, grats will be few and far between. But, try local city of county economic development office or The Foundation Center.
Loans - prepare your business plan and an SBA Personal Financial Statement which is actually a personal Balance Sheet, and stop at 3 or 4 area banks and credit unions. Listen to their feedback. If you are declined, ask why.
If you've had problems or are simply not generating the sales you anticipated, I suggest that you first look into getting someone to help you revise your current business model. As previously mentioned, SCORE can be a great resource. If you do this before soliciting any money, you will have a greater chance of receiving it. You need to show that you are correcting what did not work before in order to justify a future investment.
Hope this helps.
Banks make loans, companies do not. Write a business plan and visit your local banker and start the conversation. If you are in the US, go talk to your SBA (Small Business Administration) District Office, SCORE Chapter or Small Business Development Center before you hire any firm to help. Might save you a lot of money. If you are a veteran, talk to the Veterans Business Outreach Center for your area.
GoBigNetwork.com, fundingpost.com, and if you have any cashflow Balboa Capital might be a source.
The SBA and Score are both great resources, as Alan said. Also, when you're looking to meet investors, having a warm introduction is crucial. Look up different angel groups/ V.C. firms in your area and who you specifically want to meet with. From there, you can go on LinkedIn and figure out who knows that person in your network. If your city has a good entrepreneur eco-system, be sure to go to a lot of networking events to expand your network and use all of the resources at your disposal.
The Small Business Administration is a great resource. You should also take a look at www.grants.gov I would also consider reaching out to SCORE and sign up to meet a business mentor.
Good luck to you.