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By Milt Wright and Anita Lee Wright
Milt Wright & Associates

Financing Your Business

Starting a business can cost as little as $100.00. If you develop a business that doesn’t require equipment or material investment and you can work from your home, all you need is a city business license and the network to obtain the work. On the other hand, if the type of business you want to create is a manufacturing facility to produce a product, a substantial investment is needed.

This is where business plans become really important.
If you want to apply for a loan, you have to have a business plan.

If you need financing, realize that you are asking someone to invest in your vision. Family members and equity should be the first priority in obtaining funding. Borrowing money from your personal network is much easier than applying for any loans. Fortunately, there are many alternatives to financing your business. The loans with the greatest flexibility will be from community-based organizations that loan smaller amounts; they offer a program for microloans for amounts from $500.00 to $50,000. A list of the organizations is provided in this resource. However, if you want to apply for any of the government sponsored loans you will need to have a business plan. For any consideration of a business loan, you need to create a business plan that will provide information supporting how the profitability of your business will exceed the risks of investment.

Loan opportunities described below include:

1. The Micro Loan Program, Entrepreneurial Training Program
2. A Micro Loan Peer-Lending Program
3. Seed Loan Program
4. Fame Renaissance Microloan Program
5. The Small Business Administration (SBA) Business Loan Program
6. The California Loan Guarantee Program

The Build WorkSource web site provides material on topics of interest to businesses. It is not intended as legal advice or to answer specific legal or employment problems. The information presented in the Build WorkSource web site is from many sources therefore there can be no warranty or responsibility as to the accuracy, originality or completeness. Build WorkSource is not engaged in rendering legal or other professional counsel.


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