Financing Your Business
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This document provides information on various options for financing a small business, including: - Cash, credit cards, life insurance, 401ks/IRAs, second mortgages, friends/relatives, venture capital, crowdfunding, lines of credit, bank/CDFI loans, and government-funded loans like SBA loans. - Choosing a banker based on factors like capital available, collateral required, ability to repay, conditions of the loan, bank size/familiarity with your industry, and customer service. - Details on SBA loan programs for inventory, equipment, buildings, expansions, and employee pay with approval times of 36 hours. - Information on small business investment
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Financing Your Business
- 2. • TAKE NOTES • ASK QUESTIONS IN THE CHAT • COMPLETE YOUR EVALUATION WELCOME
- 3. GOALS HOW ARE YOU GOING TO FINANCE THE BUSINESS 1 CHOOSE A BANKER 2 SBA LOANS & SBIC’s 3 ONLINE FUNDING 4 STATE & LOCAL RESOURCES 5
- 4. FINANCING YOUR SMALL BUSINESS • CASH • CREDIT CARD • LIFE INSURANCE • CD’S, 401K & IRA’S • SECOND MORTGAGE • FRIENDS • RELATIVES • VENTURE CAPITAL • CROWD FUNDING • LINE OF CREDIT • BANK OR CDFI LOAN • GOVERNMENT FUNDED • SBA LOAN
- 5. CHOOSING A BANKER IMPORTANCE TO YOU • CAPITAL • COLLATERAL • CAPACITY TO RE-PAY • CONDITIONS • CHARACTER • SIZE OF THE BANK • FAMILIARITY WITH YOUR “TYPE” OF BUSINESS • HOW THEY REACT TO YOUR PROBLEMS • ARE THEY HELPFUL • IS THERE GOOD CHEMISTRY? • ASK QUESTIONS IMPORTANCE TO YOU
- 6. SBA LOANS WHAT CAN THE LOANS BE USED FOR? INVENTORY EQUIPMENT BUILDING • PATRIOT EXPRESS LOAN W. MAX $500K • SBA EXPRESS LOAN W. MAX $350K • COMMUNITY EXPRESS LOAN W. MAX $250K TURNAROUND TIME FOR APPROVAL IS 36 HOURS. YOU STILL NEED TO WORK W A COMMERCIAL BANK & THE SBA FOR THESE PROGRAMS. THE SBA GUARANTEES THE LOAN. EXPANSION EMPLOYEE PAY
- 8. SMALL BUSINESS INVESTMENT COMPANIES SBIC’s invest in small businesses An SBIC is a privately owned company that’s licensed and regulated by the SBA. SBICs invest in small businesses in the form of debt and equity. The SBA doesn’t invest directly into small businesses, but it does provide funding to qualified SBICs with expertise in certain sectors or industries. Those SBICs then use their private funds, along with SBA-guaranteed funding, to invest in small businesses.
- 9. ONLINE FUNDING OPTIONS • KIVA.ORG • ONDECK.COM • US.ACCION.ORG • TILTFORWARD.COM • KABBAGE.COM • FUNDINGCIRCLE.COM • FUNDATION.COM • SWIFTCAPITAL.COM • LENDINGCLUB.COM • FUNDBOX.COM • LENDIDO.COM • FUNDERA.COM • BOEFLY.COM CONSIDERATIONS WEBSITE BUSINESS EMAIL ADDRESS SOCIAL MEDIA PRESENCE EMAIL SUBSCRIPTION CROWD FUNDING • PHOTO • VIDEO • CONTENT
- 10. IN STATE RESOURCES Piedmont Business Capital 1451 S. Elm Eugene Street Greensboro, NC 27406 Tel: (336) 256-9350 Carolina Small Business Development Fund 3128 Highwoods Blvd. Raleigh, NC 27604 (919) 803-1437 Self Help Credit Union www.Self-Help.Org Women’s Business Center 114 W Parrish St, Durham, NC 27701 Tel: (919) 956-8889 Women’s Business Center 230 Hay Street Fayetteville, NC 28301 Tel: (866) 323-3377 Mountain Biz Works 153 S Lexington Ave, Asheville, NC 28801 Tel: (828) 253-2834 Women’s Business Center of NC 5800 Farringdon Place Raleigh, NC 27609 Tel: (919) 956-8889
- 11. THANK YOU! • FUTURE WORKSHOPS CAN BE FOUND AT SBC.GTCC.EDU • PLEASE LEAVE A 5 STAR REVIEW ON GOOGLE AND/OR FACEBOOK • FOLLOW ON FACEBOOK AT FB.COM/OfficialLadyBizness • FOLLOW ON INSTAGRAM AT @ChisaPennixBrown
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