How to Find Money for Your Small Business for Women

The American Dream may be to start your own small business today and end up dancing on Wall Street like Sam Walton someday. However, this dream is not always easy to achieve because finances can be tight. This article will help you learn the basics of raising capital to start, expand, or keep your small business.

The first step is to consider small business grants. There are various small business grants out there to assist. Although at times it may take some creativity to find them and make the available grants meet your needs. For additional information on grants and grant writing please check out my articles article on grants.

The next step is to look into first time small business loans. This means first looking at yourself and checking your credit. You can typically receive one free credit report each year so it is advisable to look at this to ensure that it is accurate. The next step is to develop a business plan. Finally go to the loan banks and ask to speak with a loan officer about small business loans. They will be able to guide you through the process. If you have trouble getting a loan you may contact the Small Business Administration. They may guarantee your loan to help you get a better rate on a loan and qualify for a loan despite high debt, low assets, and/or poor or no credit.

If you are declined a loan then ask to speak to a loan officer. Many times things are typed into a computer and approval or rejection is automated. By asking to speak with a person you can find out why the loan was not approved and perhaps change the application to get it approved.

Now look for angel investors. You can go online and write letters to local well off business owners to solicit for an investor. This can help you get your company going quickly but they typically will want some control and interest in the company.

The last step is to call all your friends and family. Ask them for loans. This can be a win win situation because you get the money you need and the interest you pay them may be higher than what they would receive from a bank.