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I am searching for funding to begin my small business. WheRe can I get a loan or grant?

Veteran

Eisel Lorenzo Alpharetta, GA

I already have a business plan, done my reseArch and have registered the name of the business in the state of Georgia, Alpharetta section.

3 May 2018 4 replies Mentoring

Answers

Veteran

Alva Roberts Ridgeland, MS

Hi Eisel,

Thank you for your service. I can offer you this advice the institute of veteran and military families has free courses has free courses. You may also be interested in a program called VETtoCEO I have undergone the VETtoCEO program. I would highly advise you take the program. There is allot of good information and may open ideas and opportunities for you.

http://www.vettoceo.org

Best of Luck

Cordially,
Alva Roberts

Advisor

Michael Coleman San Jose, CA

Eisel, congrats on starting a new business. Financing options will depend on a number of variables. How much money do you need? Do you have any assets to use a collateral? Are you looking just for loans or would you consider investors? What do you need the money for, equipment, inventory? What is your credit score? Does your business plan show that you will generate enough income to cover your expense and pay the loan back?

Many new businesses use SBA loans as a means of financing. These loans and be obtained through many banks. Often times the best place to get these types of loans are with smaller regional banks. The loans are guaranteed by the Federal Government. It is more difficult to get this type of loan for a start-up company than if you are purchasing a going concern.

Many new business owners get financing through friends and relatives. Don't downplay this option, as often times it is the only one available.

Depending on your situation you may be able to get a line of credit based on just your creditworthiness. You will most likely need to be employed and have a steady income to qualify for this option. Websites like LoanMe could be a source.

Advisor

Robert Rahni White Plains, NY

Eisel,

While browsing ACP AdvisorNet, I came across an article written by an Advisor on this very topic!

Please check out, “Small Business Loans For Veterans” written by Andy Kearns:
https://acp-advisornet.org/articles/512/small-business-loans-veterans

I found it very insightful and hope you do as well.

Regards,
Robert

Advisor

Robert Rahni White Plains, NY

Hi Eisel,

Thank you for your service and for posing this question. Congratulations on completing your small business plan and feasibility study!

I happen to come across an article in this past Monday's (4/30/18) Wall Street Journal entitled, "The 10 Biggest Crowdfunding Campaigns:: Where Are They Now?"
https://www.wsj.com/articles/the-10-biggest-crowdfunding-campaigns-where-are-they-now-1525140660

The article covers seven successful small businesses that gained their initial funding from crowdfunding. While this may not provide the blueprint you were seeking, I hope you find the article insightful and gain some ideas from it.

Regards,
Robert

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