Small Business Development Guide
Financing Your Business
You will need to research and list all costs associated with getting your business started and keeping it running until you are turning a profit. Some of the major sources of funding are the following:
- Banks -- primary source for lending money. Talk to the lending officer in your bank for information about obtaining a business loan. You will most likely be required to write a business plan. See Business Planning for more information.
- Loan guarantees -- you may be eligible for a loan guarantee through a variety of resources if you are not able to get a loan through primary resources. Contact the Small Business Administration at 614-469-6860, ext. 274, or the SBDC at 419-207-5568, 1-877-289-1468, or www.ohiosbdc.org for more information.
- Friends and Family -- may be a good source of funding for your business. Be careful of the amount of control they are seeking and the nature of your relationship regarding paying them back.
- Local government/enterprise groups, etc. -- check with your local Department of Economic Development for possibilities of start-up business lending.
- Grants -- money given typically for businesses in medical or educational research. Some non-profit businesses may also be able to obtain funding through grants. Finding the grant is the challenge!