9 Steps to Access Capital for Your Growing Small Business

Small business funding

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Step 7:

Tips and Questions to be Answered by you

  • Know your Breakeven (How many sales per month to cover your operating expenses)
  • Do you meet lenders 3 Cs requirement? – Credit, Collateral, Cash Flow
  • Do you understand what an SBA guarantee can do for you?
  • Match your funding requests with appropriate time lines
  • Create  a path from yesterday to tomorrow. Your history is as important as your future (cash flow projections)
  • Know your industry and your market
  • When you are ready, prepare an executive summary as a sales tool that highlights the strengths of your  business.

Step 8:

Learn where to go to seek fundng to meet your needs.

Select the best option for your company:

  • Commercial Banks
  • Savings and Loan Associations
  • Thrift Associations
  • Micro lenders
  • Factor Companies
  • Private Foundations
  • Asset Based Lenders
  • Crowd Funding
  • Angel Investors,
  • Venture Capital Funds
  • Credit Cards
  • Pay Day Lenders

Step 9:

Obstacles to address in today’s business environment

  • Compliance Issues in your Industry
  • High Cost of Real Estate
  • Insurance Requirements
  • Credit Issues

It’s imperative that small business owners understand their market and the various segments (generations) and new residents from other countries

Related articles: 

Ready to Fund Small Business Growth? 8 Financing Options 

Keys to Obtaining Funding

Small Business Capital, Digital Lenders and Angels

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