financial help?

Question

i would like a to start a small business. i have very little money, are there any programs like grants or loans i can get my hands on to get started.

Answer 1

Have you checked with a bank or the Small Business Administration in your state? If not, I would begin there. They may be able to tell you where to go (ha, ha).

I hate to be a pessimist but don't forget that over 80% or more of new businesses fail. Given the economy right now I would reconsider unless you have a product which people need as opposed to a business where people can get along without your product or services.

I worked with a guy who left his job that he had for almost 15 yrs & withdrew the money in his retirement account to start up his business. Within 2 years he had to close up his store & he returned to the employer he worked for previously. Not only did he lose the security of having a retirement account but he was also in debt & had to refinance his mortgage. Unfortunately there are too many more like him.

If you decide to go forward with your plans, I wish you the best of luck in your venture.

Answer 2

A common problem with starting a company is it require some capital up front (most company don't have much). The other is when trying to apply for loans, the bank wants some collateral, which most startup don't have. It's a catch 22. You can try the small business adminstration for some ideas concerning loans and grants, but there are very few grants out there. Good luck.

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Answer 3

What state are you in? What is the nature of the business? Many times your state's website will provide information on starting and doing business in your state. Many banks will be more than happy to provide information on SBA loans, etc. If you are a veteran, there are programs to help start a business, as well as a separate program dealing with franchises.