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Finding Funds To Start A Small Business Introduction An often asked question at the Kirstein Business Branch is "How do I find funding to start a small business?" The purpose of this guide is to list sources to research the various funding options. These sources are available at the Kirstein Business Branch. You will also find a list of useful websites for small businesses. Grant money to start a for-profit business is hard to find. It is more likely that you will find help in financing a small business start-up in the form of loans or advisory assistance. Another resource that patrons ask about is venture capital and angel investors. Venture capital is money that is invested in companies by professional venture capital firms. Venture capitalists prefer to invest in larger companies that they believe will generate a huge return on their investment. Angel investors are wealthy individuals, often successful businessmen, who provide capital to start or grow a business. The difficulty with angel investors is the time required to find an appropriate individual and establish a financial relationship. The resources listed below will help you sort out the details and hopefully get you on your way to finding appropriate financial support for your venture. Small Business Financing Bibliography Berdiev, Neil. Loan financing guide for small business owners. Livermore, CA: WingSpan Press, 2006 (SmBus HG4027.7 .B478) A good source of information for seasoned, new and aspiring business owners. Includes chapters about: things to consider before preparing a loan request,; organizing and completing the loan request; and how best to find and work with lenders. Caplan, Suzanne and Thomas M. Nunnally. The small business insider's guide to bankers. Grants Pass, Or. : Oasis Press, 1997. (SmBus HG4027.7.C364) Provides an insider's look at how to establish a positive relationship with the bank. Includes information on how the banking industry operates, how to choose the right bank, different types of loans, loan proposals, business valuation, commercial agreements, and even how to survive loan collection. Evanson, David R. Where to go when the bank says no: alternatives for financing your business. Princeton, NJ : Bloomberg Press, 1998. (SmBus HG4027.6 E89) This book is intended for those entrepreneurs who need to raise between $250,000 and $15 million. Evanson provides an overview of where and how to look for equity capital to start a business, including angel investors, initial public offerings, venture capital and creative financing sources. Green, Charles. Financing the small business: raise money for your business at any state of growth. Avon, MA: Adams Media Corporation, 2003 (SmBus HG 4027.7.G742) Explains the basics of business financing, how to use personal resources the best way and consider risk. For a loan, there is advice on how to gather and provide information, and common pitfalls that can sideline a loan. This book also provides an overview of where to go for financing and has an appendix about "moving forward after a "no" answer". Hill, Brian E. and Dee Power. Attracting capital from angels NY: John Wiley and Sons, 2002 (SmBus 4751.H458) Defines angel investors and distinguishes these from venture capitalists. Describes types of angel investors, how to find the right one and also prepare and protect oneself for this business relationship. Has "Advice from an Angel" and "Advice from an Entrepreneur" sections throughout the book, to provide various perspectives on this topic. Sherman, Andrew J. Raising capital. NY: Amacom, 2005 (SmBus HG4027.6.S534) The overall climate for entrepreneurship and business growth is described and specifics are outlined about: preparing to raise capital; start-up financing; and growth financing. Alternatives to traditional financing are presented as well, including franchising, joint ventures, licensing and co-branding. Websites Accion USA--http://www.accionusa.org Accion USA is a nonprofit organization that provides business loans to self employed individuals who cannot get conventional loans due to the loan size, problems with their credit or lack of credit history. They provide access to loans and other professional services and have a branch in Boston. Boston Business Resource Guide (Financial Assistance section)-- http://www.cityofboston.gov/dnd/OBD/BRG/F_Financial.asp This guide from Boston's Office of Business Development has a "Chart of Financing Programs" that lists area resources and services Catalog of Federal Domestic Assistance--http://www.cfda.gov The Federal Government offers some funding assistance for small businesses in the form of loans and government contracts. These programs are listed at their website and in a print directory available at Kirstein. The Myth of Free Government Money: A Perennial and Pernicious Scam-- http://www.businessweek.com/smallbiz/0001/sa000111.htm This Business Week article by Karen Kleins provides an overview of the types of scams that are directed at small business owners and what types of financing are actually available. Service Corps of Retired Executives--(SCORE) http://www.scoreboston.org This national nonprofit organization consists of retired executives who offer free advice and counseling to small business owners. They are a resource partner with the SBA and are dedicated to "entrepreneur education" and to promoting the growth and support of small businesses nationwide. There is a SCORE branch in Boston. Small Business Administration--http://www.sba.gov/ma The SBA offers a variety of loan programs to assist small business owners. In addition, they have set up Small Business Development Centers in each state, which typically provide business counseling services. UMass Boston SBDC and Minority Business Center-- http://www.sbdc.umb.edu The SBDC provides management counseling and business training to help entrepreneurs seek financing and improve the management and operations of their businesses. LP 6/06 |
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