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You’ve come up with a great idea and want to turn it into a great business. What’s next? Learn more about what it will take to get your business up…

What resources exist to finance my business?

There are various resources available through programs and lenders to raise startup capital or obtain a loan.

Non-profit, Community Lenders, and Community Development Finance Institutions (CDFIs)
• Often, these have socially-driven missions to support certain populations and may have fewer restrictions than traditional banks when making lending decisions.

Banks
• Banks are a traditional way to finance a business but have the strictest requirements for providing loans.
• You may be required to provide an alternate source of income and/or impressive credit score, or be able to provide significant collateral.
• Bank loans require that you have a business plan, which includes projected cash flows and other financial documents.

Investors
• Your investors may be people you know, such as friends, relatives, or colleagues.
• Investment can also come from venture capital—angel investors or venture capital firms that want to invest in your business.

Crowdfunding
• Crowdfunding, also known as peer-to-peer lending or investing, is an alternative funding model often through via Internet platforms.
• Crowdfunding can also raise awareness of your company or brand.

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