Raising Start Up Funds Williamsburg VA

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Isis Events
(757) 870-0509
7307 George Washington Hwy.
Yorktown , VA
Prices and/or Promotions
Free Consultation for New Clients

Business Aid Associates
(757) 886-1400
935 Drivers Ln
Newport News, VA
 
The Growth Coach
(757) 941-4522
The Growth Coach
Newport News, VA
 
Business Plans And Consulting
(757) 595-1305
751 Thimble Shoals Blvd Ste H1
Newport News, VA
 
Eric Nice Consulting
(757) 549-9800
610 Thimble Shoals Blvd
Newport News, VA
 
Williamsburg SBDC of Hampton Roads
(757) 229-6511
421 North Boundary Street
Williamsburg, VA
 
Summit Business Mgmt Corp
(757) 240-4030
12388 Warwick Blvd Ste 207e
Newport News, VA
 
Benefits Consulting
(757) 595-3847
12284 Warwick Blvd
Newport News, VA
 
Karta Business Technologies
(757) 596-0314
11832 Rock Landing Dr Ste 209
Newport News, VA
 
Victory International Inc
(703) 538-2669
6799 Wilson Boulevard
Falls Church, VA
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Management Consultants, Churches, Non-Denominational Churches, Computer Hardware and Supplies, Church and Religious Associations and Organizations

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Raising Start Up Funds

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Find the Right Combination for Your Needs and Existing Resources
By Nora Caley

You’ll have to present your business plan and answer questions about your projected revenues, the potential risks, and other details.

If you need start-up funds for your home business, you can shop for a loan, investment, and other sources of capital on the Internet. You can find many sources of funding online, and not have to go anywhere to fill out paper forms. You probably will not find one source that will supply all the funding you need, so put together a package of resources.
First, figure out how much you need. Write a list of expenses, ranging from the smallest office supply to your salary. Be specific and remember that things often cost more than you might hope. Also, write a business plan.

Banks
It’s difficult for start-ups to get a business loan, because banks won’t loan you money based solely on your good idea. The lender needs collateral, and it also wants to see records of your business’s past revenues. If you are buying a franchise, banks are more likely to loan you money than if you are an independent company because the franchisor has a history of revenues.
Visit several banks’ web sites and click on the Small Business tab to get information on loans and other services. To apply, you will need your business tax returns, bank statements, and other documents. 

If you cannot get a business loan, consider using a home equity loan or line of credit. This is a risky source of financing because you use your home as collateral. Another option is to apply for a secured loan that uses your current checking or savings account as the collateral. There are also unsecured loans that have higher interest rates.
If you do an online search for unsecured loans, many of the offers are from consulting firms or brokers, not banks. Read all the fine print because there are loan fees, high interest rates, and credit checks.

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Credit Cards
You can use your credit card for cash advances, but those can get costly with the fees and interest. Apply for some business credit cards, and use them to buy equipment, pay your taxes, and also get discounts and rewards points.

Visa and American Express offer business lines of credit. You can withdraw money from the line when you need to pay a bill or buy something. There are certain limitations. For example, with American Express, your business has to be at least two years old. You don’t need to be a cardholder, but it is recommended.

SBA
The U.S. Small Business Administration (SBA) has a new loan program called Patriot Express, for veterans, military members, their spouses, and others. Loans are available up to $500,000. Check with your local SBA office or web site to find a list of banks where you can apply.

SBA still has its other loan programs, such as the 7(a) Loan Guarantee Program that provides loans through banks. There’s also the Microloan program, for loans up to $35,000. For those loans, t...

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