Financial planning is an often dreaded step of starting a business, but it is necessary to start and grow your business.
With such a wide variety of financing options from federal, state, and local governments, searching for the applicable ones can prove to be, well, overwhelming. Some examples of funding programs include low-interest loans, venture capital, and scientific and economic development grants.
Before you get ahead of yourself applying for these grants and loans, make sure you have your finances in order. It is essential to know the details of your upcoming expenditures, including start-up costs and break-even point for your business. The U.S. Small Business Administration provides a great deal of assistance in sorting through the details of financing your business. They even highlight what sorts of details banks assess when distributing loans.
SBA itself does not distribute grants directly to small businesses, but it can direct you to the financial resources needed for you to start or grow your businesses. SBA has created the Loans and Grants Search Tool to help you quickly sift through the vast array of grants and loans to find a manageable number to review. Once the tool returns your search results, you can manually research these options to find the one(s) that best suit your entrepreneurial needs.
This is just one of the examples of how SBA connects you to resources to make your business a success, and given that it is a free resource, you should take advantage of all that the SBA has to offer. In an attempt to make the financial planning process less painful, SBA provides more guidance on loans and grants that can be found here.
Content contributed by Meredith Soniat, Metro New Orleans SourceLink.
Metro New Orleans Sourcelink is a proud affiliate of U.S.SourceLink , America’s largest resource network for entrepreneurs.