How to Get Money to Start a Small Business
To get money for starting a small business, create a business plan, understand cash flow projections, visit the local Small Business Administration, talk to local bankers, and hire a financial adviser to prepare a loan package. Apply for government grants to start a small business with advice from a financial consultant in this free video on business financing.
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Hi, my name is Bill Rae. I'm with Alumni Financial Services. I've been in the finance and business world for well over 20 years, and today, we're going to talk about how to obtain money for a startup business. Well, it goes without saying, obviously, if you're going to start up a business, you should know what product or service you're going to represent. Make sure that you have a well thought out and written business plan. Make sure that you have a projected cash flow. What that simply means is anybody you're going to ask money from is going to want to know how much do you want? How long are you going to want it? And how much are we going to get back? Once you have all those things out, my recommendations are very simple. Almost everywhere, if not every city in America, has an SBA -- small business administration. Talk to them. Seek out trades and magazines that you're looking to get involved in. See if there's any networking. Talk to your local bankers. Make sure that you have a financial adviser or your accountant and help...have them help you prepare a loan package. Don't forget, the government has grants and loans for startup and expansion business also available. In the grant business, be careful. A lot of scams out there. But there are legitimate. You can visit www.grants.gov. Follow the FAQs. It's a simple program to use. As always, make sure you understand what it is you're signing, make sure you understand the risks and the rewards, seek outside counsel. My name's Bill Rae, I'm with Alumni Financial, and we're here helping you build wealth.